Private Credit - The Drift

A diverse team of builders joins a permanent bridge span to an adjustable span across a bright mountain landscape.

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.

A diverse group of workers and analysts braces an industrial platform holding a clinic, factory, technology workshop and logistics depot as monumental geometric terrain tilts around them.

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.

An elevated public reservoir sends distinct capital channels into machinery, construction, life-sciences, and software terrain.

BDCs

What Do BDCs Invest In? The Businesses Beneath the Dividend

A BDC dividend begins somewhere less visible: a machine shop expanding, a software company refinancing, a healthcare business changing owners, or a sponsor funding an acquisition.

A monumental causeway climbs toward a high plateau while a teal maintenance gantry braces its stressed joints, representing liquidity support that cannot remove high-rate pressure.

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 Earnings

FS KKR Capital Q2 2026: Credit Repair Is Working, but the Portfolio Is Still Shrinking

FSK’s Q2 repair actions are beginning to show up in credit and leverage. The harder question is whether a shrinking portfolio can still support a durable dividend recovery.

BDC Earnings

Blue Owl Capital Q2 2026: Earnings Recovered, but the Portfolio Is Still Shrinking

OBDC’s earnings improved in Q2, but the deeper story is a shrinking portfolio, selective deployment and a credit book still working through problem names.

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.

HTGC

Hercules Capital Q2 2026: Strong Dividend Coverage, but Repayments Shrunk the Portfolio

HTGC produced strong income, rising NAV and low non-accruals, but record early repayments exposed the tension between venture-credit demand and portfolio retention.

A monumental terraced reservoir releases water through two unequal spillways, representing rising stored value and total dividends exceeding current income.

MAIN

Main Street Capital Q2 2026: NAV Rose, but Total Dividends Outran NII

MAIN's final Q2 results paired another NAV increase with strong regular-dividend coverage, but NII did not cover the combined regular and supplemental payout.

ARCC

Ares Capital Q2 2026: The Dividend Held, but NAV and Credit Quality Weakened

ARCC covered the dividend in Q2, but the quarter's more important signal was weaker asset-value and credit quality beneath stable core earnings.

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.

PFLT

PennantPark Floating Rate Capital: The Monthly Dividend BDC After The Reset

PFLT still offers monthly BDC income. But after the dividend reset, the question is different: whether the new payout leaves enough room for NAV discipline, credit losses, leverage, and joint-venture growth.