BDC Weekly
BDC Weekly: Hercules Raises $400 Million as BDC Stocks Slide
Lenders can still raise money. Their shareholders have a harder question: how much of the income survives borrowing costs, expenses and credit losses?
BDC Weekly: The Bond Market Is Charging Rent Again
Higher yields can support BDC loan income and damage the borrowers paying it. The clocks do not move at the same speed.
What Do BDCs Invest In? The Businesses Beneath the Dividend
A BDC dividend begins somewhere less visible: a machine shop expanding, a software company refinancing, a healthcare business changing owners, or a sponsor funding an acquisition.
BDC Weekly: Treasury Buybacks Do Not Make Long Rates Harmless
Treasury moved to support long-end market liquidity, but the BDC lesson is not that rates are falling. Funding costs and borrower pressure still matter.
FS KKR Capital Q2 2026: Credit Repair Is Working, but the Portfolio Is Still Shrinking
FSK’s Q2 repair actions are beginning to show up in credit and leverage. The harder question is whether a shrinking portfolio can still support a durable dividend recovery.
Blue Owl Capital Q2 2026: Earnings Recovered, but the Portfolio Is Still Shrinking
OBDC’s earnings improved in Q2, but the deeper story is a shrinking portfolio, selective deployment and a credit book still working through problem names.
BDC Weekly: Income Held. Portfolio Growth Did Not.
The BDC income engine is still working. The harder question is whether lenders can replace repayments, protect NAV, and capture new financing demand without weakening underwriting.
Hercules Capital Q2 2026: Strong Dividend Coverage, but Repayments Shrunk the Portfolio
HTGC produced strong income, rising NAV and low non-accruals, but record early repayments exposed the tension between venture-credit demand and portfolio retention.
Main Street Capital Q2 2026: NAV Rose, but Total Dividends Outran NII
MAIN's final Q2 results paired another NAV increase with strong regular-dividend coverage, but NII did not cover the combined regular and supplemental payout.
Ares Capital Q2 2026: The Dividend Held, but NAV and Credit Quality Weakened
ARCC covered the dividend in Q2, but the quarter's more important signal was weaker asset-value and credit quality beneath stable core earnings.
BDC Weekly: How Meta’s AI Data Centers Are Pulling Private Credit Into Infrastructure
AI used to reach private credit through software borrowers. Now it arrives as a gigawatt-scale infrastructure project with billions of dollars of debt.
PennantPark Floating Rate Capital (PFLT): Dividend, NAV and Risks
PFLT's dividend reset repaired the forward payout math. NAV erosion, rising unrealized depreciation and portfolio runoff still make the credit work essential.
BDC Weekly: The Rate Tailwind Has Split in Two
The Fed did not give markets a path. It gave them a fork. For BDC investors, the old higher-for-longer trade is splitting into two stories: income and credit.