NEW YORK, Sept. 6, 2026, 12:20 p.m. EDT — Blue Owl Capital Corporation NYSE:OBDC marked four Loparex loans at $8.34 million in June. Their combined year-end fair value was $122.43 million.
That 93.2% collapse is unusually fast; the second-lien debt alone went from 88.4 cents on face value to 5 cents. It confronts investors with a harder question: how quickly do private-credit marks catch trouble?
The counterweight is equally important: OBDC reported only 0.8% of investments on non-accrual by fair value. Yet its shares already trade 20.1% below the last reported net asset value.
OBDC recovered from its earnings-week low
· U.S. dollars per share
Unadjusted closing prices from Yahoo Finance. The Sunday report arrived after Friday’s close; U.S. markets are closed Monday.
OBDC closed Friday at $11.40, up 0.2%. The Sunday report leaves Tuesday’s session as the first full price test because Monday is the U.S. Labor Day holiday.
Four loan lines show the reversal
The fund’s second-quarter filing lists two first-lien and two second-lien positions. The second liens carried $133 million of face value but only $6.65 million of June fair value.
Nearly all reported value disappeared in six months
Fair value, Dec. 31, 2025 versus June 30, 2026
TS2 calculations from OBDC’s SEC filing. One small first-lien position held near par and is included only in the combined figure.
The four positions lost $114.09 million of stated value. That almost matches the filing’s $114.5 million six-month net unrealized loss for Loparex. Minor differences reflect rounding and portfolio accounting.
Bloomberg reported that Loparex missed a June payment on its second-lien debt. Creditors granted forbearance through September. Moody’s deemed the company in default and saw a possible Chapter 11 filing, the report said.
Management had expected a transaction to bring fresh equity. It failed. “This led to the markdown of our position during the quarter,” OBDC President Logan Nicholson said on Aug. 6.
Small in the portfolio, large in the debate
Loparex represented about 0.90% of OBDC’s $15.11 billion amortized-cost portfolio in June. After the marks, it was only 0.056% of total fair value. That limits the direct arithmetic damage from another fall.
One severe mark, with broad metrics still contained
Source: OBDC Form 10-Q. Percentages may not add because of rounding.
That is the bullish reading. Performing investments were 99.2% of fair value. Nicholson also said the issues under management remained isolated.
The skeptical reading concerns timing. Private assets do not trade every second, so managers estimate their value. Loparex shows how a benign-looking mark can unravel before a cash recovery becomes observable.
The latest figure is still an estimate. A restructuring could recover more than $8.34 million — or less.
The share price carries a larger cushion
OBDC reported June net asset value of $14.26 a share. Friday’s close stands $2.86 below that mark. The discount is much larger than Loparex’s direct portfolio weight.
Price, income and book value tell different stories
Share price as of Sept. 4. NAV and income figures from OBDC’s second-quarter results. Yield is not guaranteed.
Adjusted net investment income was $0.34 per share in the quarter, covering the $0.31 base dividend plus a $0.02 supplement. Part of the income lift came from a non-recurring Mavis Tire realization.
Blue Owl Capital Inc. NYSE:OWL advises OBDC, so repeated credit surprises could reach its fee franchise and fundraising story. One borrower cannot establish that pattern. It can sharpen the market’s scrutiny.
Risks now run both ways: a bankruptcy or weaker recovery may reduce NAV and interest income again. Stable marks elsewhere, steady dividends and discounted buybacks could instead reward OBDC holders.
Tuesday’s first signal is whether OBDC breaks from Friday’s $11.40 close. The lasting evidence will come later: Loparex recovery proceeds, portfolio-wide non-accruals and the next filed marks. Those figures will test whether this was one bad loan or an early warning.
