When OPH listed initial NAV on conversion was $2.13 as of 17 Dec 2018
As of 10 Jan 2020 (just over a year later) NAV was $2.84
This is an increase of over 30% - well above any comparable benchmark or ETF.
So I don't think propping up the share price is the issue in this case at this point. Unlike for most closed-end funds which have underperformed and the discount represents the sensible view that if you want to escape you need to take an appropriate hit.
Cash reserves aren't really an issue for an aggressive buyback here as there are no forced sales and timing is purely under the manager's control. If they want full exposure they can replenish capital via the EAF/EGF/EGD method mentioned. Have a look into this and you'll see they manage to run as close to fully invested as desired.
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