BDC Weekly is The Drift's evidence-based briefing on business development companies and private credit. Follow funding costs, dividend coverage, NAV, non-accruals, PIK income, borrower stress, earnings and the rate signals shaping BDC investors.
BDC Weekly
Main Street's preliminary results give shareholders something concrete to assess before earnings season: rising book value, troubled loans and a substantial market premium.
BDC Weekly
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
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 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.
BDC Weekly
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.
BDC Weekly
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
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
Higher yields can support BDC loan income and damage the borrowers paying it. The clocks do not move at the same speed.
BDC Weekly
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 Weekly
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.
BDC Weekly
AI used to reach private credit through software borrowers. Now it arrives as a gigawatt-scale infrastructure project with billions of dollars of debt.
BDC Weekly
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.