Private Credit
BCRED Redemption Policy: 5% Limit, Dates And Proration
BCRED offers quarterly repurchases, not daily liquidity. Here is how the 5% limit, timing, NAV pricing and proration rules work.
Latest
BDC Weekly
BDC Weekly: Private Credit Redemptions Are Exposing Wall Street’s Liquidity Illusion
Private credit redemptions are exposing the gap between income, liquidity, and trust. For BDC investors, the lesson is not to abandon the sector. It is to separate strong public credit machines from fragile liquidity promises.
BDC Weekly
BDC Weekly: The Sorting Has Started
Many BDCs now trade below NAV, but that does not make every discount a bargain. The market is sorting lenders by funding access, dividend cushion, NAV trust, and credit stress.
BDCs
NII Coverage Ratio: Is a BDC Dividend Really Covered?
NII coverage is the opening test for a BDC dividend. Cash quality, credit and the recurring payout determine whether the cushion deserves trust.
BDCs
BDC vs. REIT: How Dividends, Taxes and Risks Differ
BDCs and REITs can display similar yields while relying on different income engines. Follow the cash flow before comparing the payout.
BDC Weekly
BDC Weekly: The Cost of Money Is Back in Charge
The first Drift BDC Weekly: higher rates still support income, but the cost of money is now testing borrower quality, funding costs, dividend cushion, and trust.
ARCC
Ares Capital (ARCC) Q1 2026 Deep Dive: The Benchmark BDC Has Less Cushion Than The Brand Suggests
ARCC still looks like one of the strongest public BDCs. That is exactly why Q1 matters: the benchmark private-credit machine now has less dividend cushion than the brand suggests.
HTGC
Hercules Capital (HTGC): The Dividend Is Still Covered. That’s Why This Stock Is Harder To Read.
HTGC is still an income story. It is also a trust story: a map of where venture-backed growth companies are still getting oxygen after the easy-money era.
BDCs
Are BDC Discounts Telling Us Something Deeper About Private-Credit Risk?
Cheap BDCs may not simply be bargains. Public markets may be signaling deeper questions about private-credit marks, dividend durability, and borrower stress.
BDCs
Discounts to NAV Explained: When the Market Stops Trusting the Marks
A BDC discount to NAV is not just a cheap valuation. It can be the market questioning the loan book, the dividend, the marks, or the cycle.
BDCs
Private Credit Refinancing Wall: How Maturing Debt Becomes PIK, NAV Losses and Defaults
The refinancing wall is the chain from maturing debt to higher interest cost, amendments, PIK, NAV pressure, non-accruals, and weaker BDC dividends.
BDCs
PIK Income Explained: When Income Is Not Cash Yet
PIK income is income before cash arrives — and one of the places private credit can look healthier on paper than it feels underneath.