🟢 [E1189] Private credit stress being discussed by CDO builders from 2005-08 era. Feels like 2007 to them - asset class driven by AUM/fee growth not risk-adjusted returns. Blue Owl has 'spiral potential.' 20-35% discounts appearing in tender offers.

🟢 [E1979] BDC sector at 0.85x P/B, 80%+ trade at NAV discounts. Blue Owl's OBDC has 5 straight quarters of NAV decline with dividend not covered. Saba Capital running tender at 20-35% discount. OCSL bonds at 300bps OAS near all-time highs.