Blue Owl curbs investor liquidity following asset sale, shares down 3% in pre-market trading

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Shares in Blue Owl Capital

were down almost 3% in pre-market trading on Thursday after the private market and alternative assets manager sold $1.4 billion of loan assets held across three of its private debt funds.

Blue Owl said Wednesday it had agreed the sale with four North American pension and insurance investors, with the loans changing hands at 99.7% of par value.

The largest sale comes out of the Blue Owl Capital Corporation II fund, also known as OBDC II, a semi-liquid private credit strategy aimed at U.S. retail investors.