BDC Weekly: Main Street's Shares Closed 57% Above Estimated Book Value
Main Street's preliminary results give shareholders something concrete to assess before earnings season: rising book value, troubled loans and a substantial market premium.
Latest
BDC Weekly: Main Street Funds Industrial Businesses as BDC Stocks Fall
Cable distribution, power systems and industrial equipment feature in Main Street's new lending. Also this week: Hercules closes its borrowing and FSK announces December payments.
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: AI Data Centers Have Money. They Still Need Power.
The capital is committed and the demand is real. Project Jupiter shows why power availability may still decide when an AI data center begins producing cash flow.
KKR Private Credit Liquidity Explained: How K-FIT Repurchases Work
K-FIT offers periodic liquidity around private loans. Its 5% quarterly repurchase offer is a ceiling, not proof of a gate, and the difference matters.
BDC Weekly: The Fed Raised Rates. All 10 BDC Stocks Fell.
The Fed raised rates. Floating-rate lenders should benefit. Yet every BDC in our ten-name Friday sample fell. Here is the mechanism the market is pricing.
Who Finances the Power Behind AI Data Centers?
An AI data center can have land, chips and a tenant and still be an expensive shell. Electricity is becoming the asset, the bottleneck and the financing question.
BDC Weekly: America Is Building AI. Private Credit Is Writing the Checks.
The AI boom is leaving the screen and entering the physical world. Private credit is helping finance the concrete, power and compute. Here is where BDC investors fit.
BDC Weekly: Capital Is Available. It Is Not Cheap.
ARCC bought fixed-rate time. CSWC expanded flexible capacity. Both deals show that capital remains available to established BDCs, but nobody is handing it out cheaply.
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.
BDC Earnings
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.
BDC Earnings
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
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.
HTGC
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
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.
ARCC
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
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.
PFLT
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
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.
Private Credit
Asset-Backed Finance And AI Infrastructure: How Data Centers Become Collateral
AI infrastructure is becoming physical enough to finance against. The key question is whether data-center leases, equipment, receivables, and power contracts can produce reliable cash flow.
Private Credit
How AI Infrastructure Gets Financed: Data Centers, Debt and Private Credit
A data center needs funding before it earns rent. Follow how equity, construction loans, customer contracts and refinancing pay for the buildout, and who carries the risk.
Private Credit
Private Credit Fund Terms Explained: A Liquidity Checklist
A private-credit fund can own sound loans and still be the wrong vehicle for money you may need soon. Here is how to read the liquidity contract before looking at yield.