BDCs: The Big Picture

Most of the attention in business development company (BDC) land goes to the publicly traded names, which make up less than a third of the entity count, and the largest 10 names that hold just over half of the sector portfolio at cost. Whether this sample fairly characterizes the sector matters to fund lenders because BDCs provide a window into private credit trends, BDCs frequently appear as borrowers in subscription, NAV, and related financing, and because BDCs are significant LPs in... By: Hogan Lovells Cadwalader