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.
Investor Education
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.
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.
BDCs
NII Coverage Ratio: Is a BDC Dividend Actually Covered?
NII coverage ratio shows whether a BDC dividend is earned, thinly supported, or dependent on income quality that may not last.
BDCs
BDC vs REIT: Two High Yields, Two Different Ways to Break
BDCs and REITs can both pay large distributions. One depends on private borrowers. The other depends on property cash flow.
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.