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.
Latest
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: The Monthly Dividend BDC After The Reset
PFLT still offers monthly BDC income. But after the dividend reset, the question is different: whether the new payout leaves enough room for NAV discipline, credit losses, leverage, and joint-venture growth.
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: The Private-Market Capital Stack Behind Data Centers
The AI boom is not only a chip story. It is a capital-formation story built on power, land, leases, collateral, private credit, asset-backed finance, and long-duration underwriting.
Private Credit
Private Credit Fund Terms Explained: Lockups, Redemption Windows, Gates And Liquidity Risk
Private-credit fund terms are where the liquidity promise becomes real: lockups, redemption windows, gates, caps, proration, NAV marks, and the tradeoff between private assets and investor cash.
BDC Weekly
BDC Weekly: The Funding Test Is Hitting Private Credit
Hercules kept lending, Main Street and Blue Owl worked the liability side, Prospect priced new notes, and Ares put Q2 earnings on the clock. The BDC story is shifting from headline yield to funding power.
BDC Weekly
BDC Weekly: The Fed Is Keeping Money Expensive As AI Raises The Demand For Credit
The Fed is keeping the price of money high just as AI infrastructure is creating a new capital-demand shock. BDCs are where the private-credit squeeze becomes visible.
Private Credit
Who Finances AI Data Centers? The Capital Stack Behind The AI Boom
QQQ owns the visible AI story. The data-center financing stack shows the hidden credit, real-estate, infrastructure, and private-market layer underneath it.
Private Credit
Private Credit’s Discipline Cycle Has Started
A financial machine had a decade of favorable weather. Now the weather changed, and we are learning which parts were engineering and which parts were marketing.
BDCs
BDC Stress Map: FSK Carries the Damage as ARCC Loses Cushion
Private-credit stress is splitting into different failures: damaged loans, shrinking portfolios, thin payout cushions, and premium platforms facing harder tests.
Private Credit
What Is the Private Credit Crisis?
Private credit is not collapsing in one dramatic moment. The stress is moving through redemption gates, borrower cash flows, dividend coverage, and trust in private loan marks.
BDC Weekly
BDC Weekly: The Dividend Cushion Is Getting Thinner
BDC dividends still look high. The better question is how much of that payout is being earned in cash, how much depends on PIK income, and which lenders still have real funding flexibility.
BDCs
What Is a BDC Stock? The Public Share of a Private-Credit Lender
A BDC stock looks like a dividend stock on the surface. Underneath, it is public-market exposure to a private-credit lending machine.