MNI BDC Investment Grade Sector Quarterly Review – Q4 2025

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Each quarter, in addition to relative value and issuance charts, we choose key metrics across what are now 32 BDCs with publicly traded debt and try to discern any important trends for investors. In addition to our normal analysis, in this Quarterly Overview (in the second section) we share our view on what the media coverage of BDCs as of late has gotten right and gotten wrong.

Of the 20 public BDCs in our coverage universe, 13 either beat or met BBG consensus while 7 missed consensuses. That said, we did not see any results from Q4 of companies without pre-existing portfolio issues, that raised concerns. However, the steady stream of redemption requests from a wide range of private BDCs for Q1 has set the tone for the sector. As we discuss below, we think the indiscriminate investor redemptions and lumping of all BDCs, both public and private, is ill-placed. New Issuance YTD among BDCs has remained fairly robust.