Exhibit (a)(2)

 

BLUE OWL Board Recon1n1endation for Unsolicited OBDC II Tender March 13, 2026 Dear valued partner, We am reaching out to you dimotly to keep you inforrn:ed about reoent developments involving OBDC II. Today, OBDC II annmmoed that its Board of Direotors has unanimously recommendfed that shareholders rejeet the unsolicited minority tender offer from Cox Capital Partners and Saba Capirtal for up to 8,000,000 shares of OBDC 11 for approximately $30 million (less than 7% of outstanding shar,es). The ofterling price represents a discount of apprnximately 33.2% to net asset value (“NAV ‘)1 . We strongly recommend advising clients to REJIECT Cox and Saba’s offer and NOT tende1r their shares . To reject the ,offer, shareholders can simply not respond and disregard any offer materials they may receive. The Board went through a thorolllgh process to reach this reoommendation: Consulted! with members of management and its financial and legal advisors. Reviewed th,e terms and oonditions of ~he offer. Considered other info rmation rielated to the fund’s historical fi nancial performance, portfolio of assets and futum opportunities. We believe shareholders should reject ~his offer for the following reasons: The offer pri,oe is at a significant discount to NAV. This is an attempt to exploit OBDC 11 shamholders by purchasing ~heir shams at a 33.2% 1 discount, well below the NAVof OBDC Ill shares. The Board and management have already stated that the Company has taken significant steps to mtum capirtal to shareholders at no discount to t:air value.

Cox and Saba’s offer price is inadequate, arbitrary and substantiaUy undervalues OBDC ll’s assets and ongo ·ng access to liquidity. The Board, among,st other thing1s, evalluatedl the offer’s significa11t discount to NAV (33.2%)1 and considered an i11adequacy opinion ~rom BofA Secrnit“es, Inc., which co11cludedl ~he offer price is i11adlequate for OBDC Il shareholders from a fi11anoial point of view.2 In co11trast, Cox and Saba co11duotedl 110 independe11t analysis of ~eir offer to e11sure fa irness. Tendering wiH prohibit OBDC II shareholders from r,ece1iving future distributions and realizing any appreciation in the value of their shares in the future. With respect to te11deried shams, these shareholders will forfeirt their ownership i11terest in a high,perfo11ming portfolio a11d all future distributions, inoluding rietum of capital dist11ibL1Jtio11s, associated! wirth that portfolio. How Superior Value is Already Being Delivered OBDC II has a proven tradk r,ecordl of stro11g performa11oe, deliveri11g a 9.1% annualized retum3 si11ce i11ception, co11siste11tly outperfmming !leveraged loan i11dices. The Board is also alreadly taki11g specific significa11t action to return capital to OBDC Ill shareholders: OBDC Il shareholdiers am expected to receive payments equal to 50% or more of OBDC ll’s net assets3 in 2026. This i11cludes a return of capital dlistributio11 representi11g1 301% of NAV3 to be paid on or before March 31 , 2026. 111 addition to the regular mo11thly dividend, OBDC II will priorirtizH additional return of capital distribL1Jtio11s to shareholders on a quarterly basis of 5% or more. ThanlkYou Blue Owl remai11s focused 011 maximizing value for OBDC II shareholders and protecting their i11terests furough the disciplined ex;ecution of our investme11t strategy_ Putting inv,estors first is at the heart of ev,erything we do. Your trust, capirtal, and lo11g-tenn commitment are the fou11datio11 of our business, and every decision is made wi~h your cllients’ interests in mind.

If any of your dlients have tendered their shares into the Gox and Saba tender offer, we recomme11d they immediately withdraw from ~he offer. Email OBDCIICoxSabaTO@dfking.com to request a withdrawal fmm. If you have a11y questions, please reaoh out to your Blue Owi represe11tative or contact ServiceDesk@iblueowl.com. Sincer,ely, Your team at Blue Owl Contact us Have a question? Our dedicated team is here to help. Please reach out with any questions or let us know if we can offer our support in other ways. Get i 11 touch Learn more about Blue Owl Private Wealth To learn more, visit us at wealth.blueowl.com Blue Owl capital 375 Park Ave, 5th Floor, New York, NY, 10022, USA Unsubscribe from all future emails I Managg_weterences

1. Based on OBDC ll’s reported] NAV per share as 01 February 24, 2026, less the return 01 capital distribution of $2.50 payable 011 or be,ore March 31 , 2026, to shareholders of record as 01 March 24, 2026. 2. The Board considered the fact that, on March 12, 2026, Bo1A Securities rendered an oral opinion to the Board, subsequently confirmed in writing, that, as of the date o,such opinion and based upon and subject to the factors and assumptions set forth in its written opinion, the consideration to be paid to the holders of shares (other tha11 Cox and Saba and their affiliates) pursua11t to the offer was inadequate from a financial point of view to such holders. The full text of the wrttten opinion, dated March 12, 2026, which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken 11vith such opinion, is attached as Exhibit (g)(1} to OBDC ll’s 14ITJ-9. Bo,A Securities provided its opinion for the information and assista11ce of the Board in connection with its consideration ofthe offer. The opinion 01 BofA Securities is 11ot a recommendation as to wll:ether or 11ot any shareholders should tender Slid! shares in co11nection with the offer or any other matter. 3. As of Elecember 31, 2025. FOR FINANCIAL PROfES.S.IONAL USE. NOT FOR FURTIHIER DISTR[BUTION. PROPRIETARY AND CON Fl DENTIA L. This communication is ,or in,ormational purposes only and is not an offer or a solicitation to sell or subscribe for any fund and does not co11stitute investment, legal, regulatory, business, tax, financial, accounting or other advice or a recommendation regarding Blue Owl Capital Inc. (“B lue OWi”), its affiliates and investment program, funds sponsored by Blue Owl, inclt1di11g the Blue Owl Credit, Real Assets, and GP Strategic Capital Funds (collectively the “Blue Owl Funds”) as well as investment held by the Blue Owl IFllnds. The information provided herein is not directed at any particular investor or category of investors and is provided solely as general information about Bille Owl producits and services to reglllated financial intermediaries and to othenNise provide general inv,estment edt1cation. No information contained herein shollld be regarded as a suggestion to engage in or refrain from any investment-relate-cl course of action. All investments are subjec,t to risk, including the loss of the principal amount invested, as well ais substantial fees and costs, all of which can impact an investor’s return. Within the Un ited States and Canada, securities are offered thronigh Blue Owl Sect1rities LLC, member of FINRAJSIPC, as Dealer Ma1rnger. Copyright© Blue Ov;rl Capital Inc. 2026. All rights reserved.