In-depth analysis, earnings breakdowns, and educational guides for serious BDC investors.
A comprehensive look at how Business Development Companies navigated a higher-for-longer rate environment in the third quarter, including NAV compression, interest coverage ratios, and distribution sustainability across 40+ BDCs.
Sarah Mitchell
Senior Analyst
Breaking down the two-part incentive fee structure common to most BDCs and how to evaluate total expense ratios when comparing platforms.
James Harlow
Nov 10, 2024
ARCC reported strong NII coverage with stable non-accruals. We dissect the earnings transcript, portfolio mix shift toward first-lien, and what management said about deal flow.
Rachel Torres
Nov 7, 2024
As credit markets tighten, the split between first and second lien exposure is becoming a critical differentiator. We analyze how top BDCs are repositioning their books.
Daniel Kwon
Nov 3, 2024
The SEC's latest amendments to Form N-2 and enhanced liquidity disclosure rules will require BDCs to provide more granular portfolio data starting in 2025.
Sarah Mitchell
Oct 28, 2024
With non-accrual rates ticking up across the sector, we screen 35 publicly traded BDCs to identify which platforms carry elevated concentration risk in vulnerable industries.
James Harlow
Oct 22, 2024
OBDC's earnings showed resilient NII, but we dig deeper into its technology sector concentration and how rising defaults in software companies could pressure future performance.
Rachel Torres
Oct 18, 2024
The Schedule of Investments is the most information-dense part of any BDC filing. This guide walks you through every column, from fair value markings to PIK income tracking.
Daniel Kwon
Oct 14, 2024