BDC Weekly
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.
BDCs
A BDC stock looks like a dividend stock on the surface. Underneath, it is public-market exposure to a private-credit lending machine.
Private Credit
Private equity buys companies. Private credit lends to them. That difference matters for BDC investors because they are usually buying lender judgment, not takeover upside.
Private Credit
Private credit redemptions are not automatically a crisis. They are a test of whether a fund’s liquidity promise matches the loans it owns.
Private Credit
A redemption gate is not automatically a failure. It is the moment investors learn whether the fund’s liquidity terms match the private loans underneath.
Private Credit
Blue Owl redemption pressure is a platform trust story. OBDC is a public BDC, not the same vehicle, but investors still need to understand how sentiment can travel.
Private Credit
BCRED’s redemption cap is not the same thing as BXSL risk. But it is a major test of investor trust in the private-credit wealth channel.
BDC Weekly
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
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
NII coverage ratio helps BDC investors see whether a dividend is being earned, stretched, or supported by conditions that may not last.
BDCs
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
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.