<![CDATA[BDC Buzz]]>https://bdcbuzz.substack.comhttps://substackcdn.com/image/fetch/$s_!vPRf!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fa92df2f7-4836-48a7-afb1-9a9444c6b3e5_512x512.pngBDC Buzzhttps://bdcbuzz.substack.comSubstackFri, 04 Sep 2026 20:13:50 GMT<![CDATA[Comparing BDC Ratios/Metrics - Part 2]]>https://bdcbuzz.substack.com/p/comparing-bdc-ratiosmetrics-parthttps://bdcbuzz.substack.com/p/comparing-bdc-ratiosmetrics-partFri, 04 Sep 2026 11:20:23 GMT

Subscriber Quick Update

  • Monday, September 7, is a federal holiday, and markets will be closed. The weekly update will be provided on Tuesday next week.

  • Earlier this week, we provided a quick survey (see link below) to guide prioritization of Deep Dive Projection reports, emphasizing BDCs held or targeted by subscribers for more frequent, detailed coverage.

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]]><![CDATA[Quick Subscriber Survey: September 2026]]>https://bdcbuzz.substack.com/p/quick-subscriber-survey-septemberhttps://bdcbuzz.substack.com/p/quick-subscriber-survey-septemberWed, 02 Sep 2026 12:22:28 GMT

Subscriber Quick Update

  • Below, we have provided a quick survey (only 3 questions) to help us prioritize upcoming reports and streamline the content.

  • This survey will guide prioritization of Deep Dive reports, emphasizing BDCs held or targeted by readers for more frequent, detailed coverage.

  • We discuss and compare some of the high-level results (dividend ch…

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]]><![CDATA[BDC Weekly Update & CSWC Vote]]>https://bdcbuzz.substack.com/p/bdc-weekly-update-and-cswc-votehttps://bdcbuzz.substack.com/p/bdc-weekly-update-and-cswc-voteMon, 31 Aug 2026 12:43:24 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[Portfolio Allocations (BDC Stocks/Bonds) & FSK Update]]>https://bdcbuzz.substack.com/p/portfolio-allocations-bdc-stocksbondshttps://bdcbuzz.substack.com/p/portfolio-allocations-bdc-stocksbondsFri, 28 Aug 2026 09:25:51 GMT

Summary & BDC Market Quick Update

  • If you are interested in portfolio allocations, including where BDC stocks and bonds fit, this update is for you. Investors should prepare for lower rates by locking in yields, including dividend stocks and corporate bonds.

  • The average BDC dividend yield over the last 15 years is around 10%, compared to the current 12% an…

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]]><![CDATA[Comparing BDC Ratios & TCPC Update]]>https://bdcbuzz.substack.com/p/comparing-bdc-ratios-and-tcpc-updatehttps://bdcbuzz.substack.com/p/comparing-bdc-ratios-and-tcpc-updateWed, 26 Aug 2026 12:30:52 GMT

BlackRock is marketing the entire remaining $671 million loan portfolio held by TCPC to rival private credit managers, including Ares Management. The asset manager has hired investment bank Keefe, Bruyette & Woods to gauge buyer interest, though discussions remain preliminary and no final decision to sell has been made. TCPC has been considering multiple options for the vehicle, including returning capital to shareholders, merging with another entity, or reinvesting in the portfolio, in addition to a full or partial sale.

Each quarter, we assess changes to BDC expense and leverage ratios. BDCs with lower expenses can deliver higher returns to shareholders without investing in riskier assets. BDCs with lower expense ratios and prudent leverage deliver higher returns and dividend potential, making them attractive for long-term investors seeking income and stability. These BDCs typically trade at higher price-to-NAV multiples and deliver more stable returns. Repeated dividend cuts are common among BDCs with higher expense ratios, highlighting the importance of cost structure in shareholder returns.

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[BDC Weekly Update: Approaching Neutral Territory]]>https://bdcbuzz.substack.com/p/bdc-weekly-update-approaching-neutralhttps://bdcbuzz.substack.com/p/bdc-weekly-update-approaching-neutralMon, 24 Aug 2026 09:56:32 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[BDC Pricing & Market Update: Important, Please Read]]>https://bdcbuzz.substack.com/p/bdc-pricing-and-market-update-important-733https://bdcbuzz.substack.com/p/bdc-pricing-and-market-update-important-733Thu, 20 Aug 2026 13:50:53 GMT

Summary

  • This is an important report. Knowing how BDCs are priced gives you an advantage during volatility to quickly determine the true buying opportunities as other investors overreact to ‘risk-off’ events.

  • Short-term BDC target prices assume yields of 10–13%, while longer-term targets anticipate normalization to 9–12%.

  • Dividend sustainability, portfolio …

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]]><![CDATA[ TPVG & OCSL Q2 2026 Updates]]>https://bdcbuzz.substack.com/p/tpvg-and-ocsl-q2-2026-updateshttps://bdcbuzz.substack.com/p/tpvg-and-ocsl-q2-2026-updatesTue, 18 Aug 2026 10:48:26 GMT

We have already provided the Q2 2026 updates for higher-ranked BDCs in the previous subscriber survey, including HTGC, TSLX, BXSL, CSWC, ARCC, FDUS, TRIN, MSDL, GBDC, OBDC, CGBD, MAIN, GLAD, GAIN, PFLT, NCDL, NMFC, GSBD, OCSL, and TPVG. Next, we will provide the updates for TCPC, FSK, and MFIC. Please see the previous weekly update for tables showing ad…

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]]><![CDATA[BDC Weekly Update: Waiting To Make Additional Purchases]]>https://bdcbuzz.substack.com/p/bdc-weekly-update-waiting-to-makehttps://bdcbuzz.substack.com/p/bdc-weekly-update-waiting-to-makeMon, 17 Aug 2026 10:34:54 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[Dividend Expectations For 2027 - Part 2]]>https://bdcbuzz.substack.com/p/dividend-expectations-for-2027-parthttps://bdcbuzz.substack.com/p/dividend-expectations-for-2027-partFri, 14 Aug 2026 10:00:12 GMT

Subscriber Quick Update

  • The following update/analysis is very important for subscribers concerned about recent and upcoming changes to dividend payments.

  • This analysis will be used to update the Dividend Coverage Levels, as it takes into account the recent earnings, excluding temporary fee waivers, portfolio credit quality, and targeted leverage.

  • You can u…

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]]><![CDATA[GSBD Q2 2026 Update: Upcoming Repurchases]]>https://bdcbuzz.substack.com/p/gsbd-q2-2026-update-upcoming-repurchaseshttps://bdcbuzz.substack.com/p/gsbd-q2-2026-update-upcoming-repurchasesFri, 14 Aug 2026 09:44:20 GMT

We have already provided the Q2 2026 updates for higher-ranked BDCs in the previous subscriber survey, including HTGC, TSLX, BXSL, CSWC, ARCC, FDUS, TRIN, MSDL, GBDC, OBDC, CGBD, MAIN, GLAD, GAIN, PFLT, NCDL, NMFC, and GSBD. Next week, we will provide the updates for OCSL, TPVG, TCPC, FSK, and MFIC. Please see the recent weekly update for tables showing…

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]]><![CDATA[CGBD, GAIN, & NCDL Q2 2026 Updates]]>https://bdcbuzz.substack.com/p/cgbd-gain-and-ncdl-q2-2026-updateshttps://bdcbuzz.substack.com/p/cgbd-gain-and-ncdl-q2-2026-updatesWed, 12 Aug 2026 12:10:47 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[PFLT & PNNT Q2 2026 Updates]]>https://bdcbuzz.substack.com/p/pflt-and-pnnt-q2-2026-updateshttps://bdcbuzz.substack.com/p/pflt-and-pnnt-q2-2026-updatesTue, 11 Aug 2026 11:26:20 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[BDC Weekly Update: Excellent Rally Last Week!]]>https://bdcbuzz.substack.com/p/bdc-weekly-update-excellent-rallyhttps://bdcbuzz.substack.com/p/bdc-weekly-update-excellent-rallyMon, 10 Aug 2026 11:02:52 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[MSDL Q2 2026 Update: Near Base Case, JV Income]]>https://bdcbuzz.substack.com/p/msdl-q2-2026-update-near-base-casehttps://bdcbuzz.substack.com/p/msdl-q2-2026-update-near-base-caseFri, 07 Aug 2026 13:36:13 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[FDUS & MAIN Q2 2026 Updates]]>https://bdcbuzz.substack.com/p/fdus-and-main-q2-2026-updateshttps://bdcbuzz.substack.com/p/fdus-and-main-q2-2026-updatesFri, 07 Aug 2026 12:13:20 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[BXSL Q2 2026 Update: Mostly As Expected]]>https://bdcbuzz.substack.com/p/bxsl-q2-2026-update-mostly-as-expectedhttps://bdcbuzz.substack.com/p/bxsl-q2-2026-update-mostly-as-expectedThu, 06 Aug 2026 13:10:37 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[OBDC Q2 2026 Update: Beats Best Case, But Non-Recurring]]>https://bdcbuzz.substack.com/p/obdc-q2-2026-update-beats-best-casehttps://bdcbuzz.substack.com/p/obdc-q2-2026-update-beats-best-caseThu, 06 Aug 2026 08:24:30 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[ TRIN Q2 2026 Update: 'Overbought' At These Levels]]>https://bdcbuzz.substack.com/p/trin-q2-2026-update-overbought-athttps://bdcbuzz.substack.com/p/trin-q2-2026-update-overbought-atWed, 05 Aug 2026 13:59:28 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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]]><![CDATA[TSLX & GLAD Quick Updates]]>https://bdcbuzz.substack.com/p/tslx-and-glad-quick-updateshttps://bdcbuzz.substack.com/p/tslx-and-glad-quick-updatesWed, 05 Aug 2026 10:37:54 GMT

Please use the following link to access all the recently updated reports, including side-by-side comparison reports and individual company updates:

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