v3.26.1
N-2 - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cover [Abstract]                      
Entity Central Index Key 0001655887                    
Amendment Flag false                    
Securities Act File Number 814-01219                    
Document Type 10-Q                    
Entity Registrant Name BLUE OWL CAPITAL CORPORATION II                    
Entity Address, Address Line One 399 Park Avenue                    
Entity Address, City or Town New York                    
Entity Address, State or Province NY                    
Entity Address, Postal Zip Code 10022                    
City Area Code 212                    
Local Phone Number 419-3000                    
Entity Emerging Growth Company false                    
Financial Highlights [Abstract]                      
Senior Securities [Table Text Block]
The table below presents information about our senior securities as of the following periods:
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Revolving Credit Facility
June 30, 2026 (unaudited)$— $4,733 $— N/A
December 31, 202511.6 2,395 — N/A
December 31, 202450.4 2,306 — N/A
Promissory Note(5)
December 31, 2020$— $— $— N/A
December 31, 2019— 2,687 — N/A
December 31, 2018— 2,397 — N/A
December 31, 2017— 4,969 — N/A
SPV Asset Facility I
June 30, 2026 (unaudited)$150.5 $4,733 $— N/A
December 31, 2025315.0 2,395 — N/A
December 31, 2024195.0 2,306 — N/A
December 31, 202360.0 2,390 — N/A
December 31, 2022374.2 2,288 — N/A
December 31, 2021412.2 2,213 — N/A
December 31, 2020365.1 2,416 — N/A
December 31, 2019265.7 2,687 — N/A
December 31, 2018302.5 2,397 — N/A
December 31, 201720.0 4,969 — N/A
SPV Asset Facility II(6)
December 31, 2023$125.0 $2,390 $— N/A
December 31, 2022176.0 2,288 — N/A
December 31, 2021255.0 2,213 — N/A
December 31, 2020191.0 2,416 — N/A
CLO XIII(8)
December 31, 2025$— $2,395 $— N/A
December 31, 2024260.0 2,306 — N/A
December 31, 2023260.0 2,390 — N/A
2024 Notes(7)
December 31, 2023$100.0 $2,390 $— N/A
December 31, 2022450.0 2,288 — N/A
December 31, 2021450.0 2,213 — N/A
December 31, 2020350.0 2,416 — N/A
December 31, 2019300.0 2,687 — N/A
2026 Notes(9)
December 31, 2025350.0 2,395 — N/A
December 31, 2024350.0 2,306 — N/A
December 31, 2023350.0 2,390 — N/A
_______________
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading.
(5)Promissory Note expired on December 31, 2020.
(6)SPV Asset Facility II was terminated in 2024.
(7)2024 Notes matured in November 2024.
(8)CLO XIII was retired in October 2025.
(9)2026 Notes were repaid in May 2026.
                    
Senior Securities Averaging Method, Note [Text Block] Not applicable because the senior securities are not registered for public trading.                    
Senior Securities Headings, Note [Text Block] Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
                    
General Description of Registrant [Abstract]                      
Investment Objectives and Practices [Text Block]
Our Investment Framework
Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Our investment strategy focuses primarily on originating and making loans to, and
making debt and equity investments in, U.S. middle market companies. Since our Adviser and its affiliates began investment activities in April 2016 through June 30, 2026, our Adviser and its affiliates have originated $197.54 billion aggregate principal amount of investments, of which $193.23 billion aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms capable of providing both operational and financial resources. We seek to generate current income primarily in U.S. middle market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity and equity-related securities including warrants, preferred stock and similar forms of senior equity. We may hold our investments directly or through specialty financing portfolio companies and joint ventures. Except for our specialty financing company investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.
In general, we define “middle market companies” to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $25 million and $500 million annually and/or annual revenue of $125 million to $5 billion. Within this space, we predominantly focus on investing in upper middle market businesses, where we can structure larger transactions. which we believe to be more resilient and of greater strategic significance. We categorize “upper middle market” companies as those generating $50 million or more of EBITDA annually. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. We note that over time, the average EBITDA of companies in our portfolio has grown significantly as the scale of private market solutions has grown. Across our investments, we typically seek to be senior in the capital structure, targeting a loan-to-value ratio (the amount of outstanding debt as a percentage of the value of the company) of 50% or below on average, which may provide a level of downside protection and help preserve capital.
We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities which we may hold directly or through specialty purpose vehicles and joint ventures. In addition, we may invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly-syndicated loans, including “covenant light” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlement, royalty interests and equipment finance.
Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.
Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance or may take the form of “covenant-lite” loans which generally refer to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.
As of June 30, 2026, our average debt investment size in each of our portfolio companies was approximately $4.5 million based on fair value. The investment size will vary with the size of our capital base and market conditions. As of June 30, 2026, excluding certain investments that fall outside of our typical borrower profile, our portfolio companies representing 96.0% of our total debt portfolio based on fair value, had weighted average annual revenue of $905.5 million, weighted average annual EBITDA of $197.6 million, an average interest coverage of 1.92x and an average net loan-to value of 51.6%.
The companies in which we invest use our capital to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk.”
                    
NAV Per Share $ 4.87 $ 8.27 $ 8.58 $ 8.80              
Revolving Credit Facility [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount $ 0.0 $ 11.6   $ 50.4              
Senior Securities Coverage per Unit $ 4,733 $ 2,395   $ 2,306              
Promissory Note [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount               $ 0.0 $ 0.0 $ 0.0 $ 0.0
Senior Securities Coverage per Unit               $ 0 $ 2,687 $ 2,397 $ 4,969
SPV Asset Facility I [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount $ 150.5 $ 315.0   $ 195.0 $ 60.0 $ 374.2 $ 412.2 $ 365.1 $ 265.7 $ 302.5 $ 20.0
Senior Securities Coverage per Unit $ 4,733 $ 2,395   $ 2,306 $ 2,390 $ 2,288 $ 2,213 $ 2,416 $ 2,687 $ 2,397 $ 4,969
SPV Asset Facility II [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount         $ 125.0 $ 176.0 $ 255.0 $ 191.0      
Senior Securities Coverage per Unit         $ 2,390 $ 2,288 $ 2,213 $ 2,416      
CLO XIII [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount   $ 0.0   $ 260.0 $ 260.0            
Senior Securities Coverage per Unit   $ 2,395   $ 2,306 $ 2,390            
Notes 2024 [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount         $ 100.0 $ 450.0 $ 450.0 $ 350.0 $ 300.0    
Senior Securities Coverage per Unit         $ 2,390 $ 2,288 $ 2,213 $ 2,416 $ 2,687    
Notes 2026 [Member]                      
Financial Highlights [Abstract]                      
Senior Securities Amount   $ 350.0   $ 350.0 $ 350.0            
Senior Securities Coverage per Unit   $ 2,395   $ 2,306 $ 2,390