Cash Flow Venue 6.02K Followers

Summary

Blue Owl Capital is upgraded to a buy, reflecting improved financials and dividend coverage.

OBDC's NII now covers its dividend by roughly 110%, with stabilized earnings and a 10.3% annualized return on net income.

Portfolio quality has improved: non-accruals at cost declined, NAV increased, and diversification remains strong.

OBDC trades at ~0.77x P/BV, offering attractive entry and potential for multiple expansion and double-digit total returns.

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I like investing in the BDC space. I mean, it's pretty easy to analyze BDC players, so you can really get a nice, diversified portfolio.…