OBDC — what changed in the latest 10-Q
A section-by-section comparison of OBDC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-05 vs the prior 10-Q · 2026-05-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +57 | −37 | ~63 | 182 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 9 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | +1 | −1 | ~1 | 0 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-05
During the second quarter of 2026, global equity and debt markets adapted to shifts in expectations around major themes such as inflation and the trajectory of interest rates as well as ongoing geopolitical relations and the impact to energy prices. Stronger than previously indicated jobs growth and…
The 10-year Treasury yield ended the second quarter of 2026 approximately 15 basis points higher than March 31, 2026 and experienced a peak to trough range of more than 40 basis points during the quarter. The CBOE Volatility Index peaked above 25 during the second quarter of 2026, but mostly sat bel…
We continue to approach this environment conservatively and although repayments moderated, they continued to be in excess of originations in the quarter ended June 30, 2026; however, underlying credit performance remains strong, market spreads have widened compared to year end and our leverage level…
As of June 30, 2026, based on fair value, our portfolio consisted of 73.2% first lien senior secured debt investments (of which 52% we consider to be unitranche debt investments (including “last out” portions of such loans)), 4.5% second lien senior secured debt investments, 2.5% unsecured debt inve…
As of June 30, 2026, our weighted average total yield of the portfolio at fair value and amortized cost was 9.5% and 9.4%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 9.9% and 9.9%, respectively. Refer to our weig…
Text removed vs the prior filing · source: 10-Q · 2026-05-06
During the first quarter of 2026, global equity and debt markets experienced elevated volatility, with spread widening in fixed income markets as a result of intensifying geopolitical conflicts and heightened focus on the evolution of artificial intelligence (“AI”). The 10-year Treasury yield ended …
We approached this environment more conservatively resulting in repayments in excess of originations in the quarter ended March 31, 2026; however, underlying credit performance remains strong, market spreads are beginning to widen and we have maintained a lower leverage level. As a result, we have a…
In February 2026, we sold a portion of our portfolio company investments with aggregate fair value of $357.6 million, equivalent to 99.8% of par value to certain purchasers. Each investment sold represented a partial amount of our exposure to the respective portfolio company. The investments sold co…
Additionally see, “Note 4 – Investments – Asset Sale.” This transaction enhances balance sheet flexibility, modestly increases portfolio diversity and creates additional capacity to deploy capital into attractive, risk-adjusted investment opportunities.
As of March 31, 2026, based on fair value, our portfolio consisted of 72.1% first lien senior secured debt investments (of which 51% we consider to be unitranche debt investments (including “last out” portions of such loans)), 5.0% second lien senior secured debt investments, 2.4% unsecured debt inv…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-05
From time to time, we and the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result i…
Text removed vs the prior filing · source: 10-Q · 2026-05-06
Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice