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OFS Credit Company Inc. 6.875% Series A Term Preferred Stock
All high-yield assets have been crushed in this market - in some cases worse than equities. Closed-End Bond Funds ("CEFs"), Business Development Companies ("BDCs"), Real Estate Investment Trusts ("REITs"), preferred stocks, and even some mutual funds have been massacred.
Why?
Investors are selling everything not bolted down. They want pure cash. Plain and simple.
CEFs in particular can be hit pretty hard. Going into this crisis, they weren't cheap, trading at a tight discount to NAV on average. By March 20, discounts were reaching their lowest levels since the Financial Crisis. Will they make it