MNI US Credit: BDC Sector Overview

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Overview
Welcome to our inaugural US BDC Quarterly Overview. To provide relative
value across the US BDC universe of public bond issuers – a sector with
perceived opaqueness - we will highlight, after each quarterly reporting
period, certain credit and portfolio variables that can help investors analyse
the sector. Ranking and providing relative value analysis of BDCs at times can
be more of an art than science, but we hope these analyses will provide
insights to make informed investment decisions. We also always will include a
chart showing current trading levels of 5Y BDC bonds and discuss those levels
relative to our findings. As always, please feel free to follow up with us at
MNI with any questions or observations.