Andrii Yalanskyi/iStock via Getty Images Investment Rating - "Buy" Blue Owl Capital Corporation ( OBDC ) is currently the second-largest business development company (BDC) in the United States by total assets, according to the firm's investor relations data . The most recent IR update shows OBDC's portfolio size is ~$16.5 billion, spread across 234 companies in 30 portfolio industries: OBDC's Q4 I...
Andrii Yalanskyi/iStock via Getty Images Investment Rating - "Buy" Blue Owl Capital Corporation ( OBDC ) is currently the second-largest business development company (BDC) in the United States by total assets, according to the firm's investor relations data . The most recent IR update shows OBDC's portfolio size is ~$16.5 billion, spread across 234 companies in 30 portfolio industries: OBDC's Q4 IR update Like most of its peers, OBDC's net asset values have been in steady decline since mid-2024 as expectations for rate cuts increased amid the cool-off in forward inflation rates. Given that over 96% of OBDC's debt portfolio was in floating-rate loans, the rate cutting directly compressed asset yields, leading to lower net income from the portfolio assets. Investors started to question the sustainability of OBDC's generous dividend yield, which is why it's currently standing at the highest average level since at least 2019, according to Seeking Alpha (the higher the yield, the riskier the investment in the BDC world): Seeking Alpha In addition to that, there were some credit-related markdowns and unrealized depreciation on a small number of watch-list names, as the management noted, which caused OBDC's NAV reduction in the latest quarters. If we add the recent rise in redemption requests at some non-public BDCs to the equation, we'll get a perfect storm for OBDC - that's why the stock is down so much , and it keeps falling lower. Seeking Alpha However, I think the saying that "it's usually darkest before the dawn" fits well in this case. In my opinion, OBDC's portfolio looks good in general, and its NAV reduction lately doesn't seem to pose a massive risk to this BDC's investors - the recent institutional asset sale at near par proves that. Also, I think that the rise in inflation expectations that we got following the US-Iran conflict and higher oil prices suggests that the market's prevailing assumption of OBDC's collapse in NII and potential cuts in dividend payout...
Copper and most other metals rose as optimism around Washington’s diplomatic push to end the war in the Middle East boosted risk appetite. The industrial metal climbed as much as 2% on the London Metal Exchange after President Donald Trump said Iran had offered a “present” as a show of good faith in negotiations to end the conflict. However, Washington is moving more troops to the region, while Ax...
Copper and most other metals rose as optimism around Washington’s diplomatic push to end the war in the Middle East boosted risk appetite. The industrial metal climbed as much as 2% on the London Metal Exchange after President Donald Trump said Iran had offered a “present” as a show of good faith in negotiations to end the conflict. However, Washington is moving more troops to the region, while Axios reported that the US and a group of regional mediators were still waiting for a response from Iran. Trump’s comments were enough to push metals higher though, arresting a slide that’s been driven by worries the war will boost inflation and slow global economic growth. Copper is up around 3% so far this week after falling about 11% over the previous three weeks. “The progress of the war is very hard to gauge, and the news is mixed,” said Li Xuezhi, head of research at Chaos Ternary Futures . “As long as the war does not stop, the risk of a pullback in base metal prices remains. We are relatively cautious and choose to stay on the sidelines for now.” Aluminum was the only metal that fell on the LME on Wednesday. The Middle East accounts for about 9% of production capacity for the lightweight metal, and the effective closure of the Strait of Hormuz has constrained shipments. Goldman Sachs Group Inc. raised its second-quarter price forecast to $3,200 a ton from $3,100, saying in a note that supply disruptions would be partially offset by weaker global demand. Copper rose 1.2% to $12,246 a ton on the LME as of 11:03 a.m. in Shanghai. Zinc climbed 0.7%, while aluminum fell 0.6% to $3,242.50. Iron ore dropped 2.4% to $105.05 a ton in Singapore.
Grammy winner seeks more than $20m in damages over mistranslation of The Lion King chant A Grammy-winning South African composer who wrote and performed the opening chant in Circle of Life for Disney’s The Lion King is suing a comedian for allegedly damaging his reputation by intentionally misrepresenting the song’s meaning on a podcast and in his standup routine. Lebohang Morake’s lawsuit accuses...
Grammy winner seeks more than $20m in damages over mistranslation of The Lion King chant A Grammy-winning South African composer who wrote and performed the opening chant in Circle of Life for Disney’s The Lion King is suing a comedian for allegedly damaging his reputation by intentionally misrepresenting the song’s meaning on a podcast and in his standup routine. Lebohang Morake’s lawsuit accuses the Zimbabwean comedian Learnmore Mwanyenyeka, known as Learnmore Jonasi, of intentionally mistranslating the chant, which launches the 1994 movie and is central to staged versions as well as Disney’s 2019 remake. Continue reading...