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
BDCs
NII Coverage Ratio: The Dividend Test BDC Investors Should Actually Watch
NII coverage ratio helps BDC investors see whether a dividend is being earned, stretched, or supported by conditions that may not last.
BDCs
BDC vs REIT: Two Income Machines, Very Different Engines
BDCs and REITs both turn assets into income. But one lends to businesses. The other owns or finances real estate. The machines are not the same.
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
The Private Credit Refinancing Wall: Where Cheap-Money Deals Meet Expensive Debt
The refinancing wall is where old cheap-money assumptions run into today’s higher cost of capital. For BDC investors, it is a test of borrower survival, NAV trust, and dividend durability.
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.
BDCs
What Are Non-Accruals?
Non-accruals show when a loan has stopped producing normal income. For BDC investors, they are one of the clearest warning lights for credit stress, NAV pressure, and dividend risk.
BDCs
Floating-Rate Loans Explained
Floating-rate loans can boost BDC income when rates rise, but the same mechanism can pressure borrowers and create future credit stress.