High-Yield-Spotlight
The $15 Billion BDC at a 19% Discount That the Market Has Not Figured Out Yet
OBDC yields 10.8% and trades at a 19% discount to NAV of $14.26. Moody's Baa2 rated, 27bps annual net loss rate since 2016 inception, 110% base dividend coverage. The scale paradox: is a $15B BDC at a 19% discount a value play or a value trap?