BDC Weekly
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
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
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.
BDC Weekly
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 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.
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.
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.
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.
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.
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.
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.