BDCs May 2026

[schrodingerscat]

BDCs 5.2026​

ARCC just reported and is considered a bell-weather for the BDC investment community. Following to report: FDUS, MAIN and CSWC. TSLX took a serious hit today. I was startled that it cut its dividend as its fundamentals have been sound. A year ago, TSLX's dividend coverage was strong and I had no concerns about the payout sustainability. It employs modest leverage and a high allocation to first-lien loans (96ish%). It still trades at a 20% premium, although that's going to be changing. My 1.7% position will most likely be blown out tmrw.

There is no disputing the fact that the BDC sector is highly volatile (high volatility meaning "fast market"), but the well managed ones successfully trade on their high-yield, first-lien assets. As always, are the earnings solid? That means the level of non accruals Have the actual cash income streams increased on a quarter to quarter basis? Credit fundamentals will stabilize.

Long: CSWC 3.7%, ARCC 3.1%, HTGC 3%, MAIN 2.4%, TRIN 2.4%, FDUS 1.9%, TSLX 1.7%, CCAP 1.6%.

 

[Rhythm Method]

Thanks for this! I was missing you and the sharing of your personal/professional experience. Take care and post often! - RM

 

[AudiDudi]

Sold GSBD yesterday - earlier today, it was down 30c from where I sold. (Finished down 22c from sale)

 

[mykes2025]

BDC basket below: BDCs are currently 4.4% of my equity portfolio. HTGC & GAIN have +100% payback %, GLAD 85%, and TSLX 77%, which just means I have held them for a long time. Many go back to 2018. I haven't purchased a new, or add to BDCs in a while and I plan to just watch the sector for now. My worst performer is OBDC, with a TR 14% and a payback% of 33%. Best performer GAIN, TR 165%, payback 101%. I am plugging in my key metrics as they make their reports last week and this week.

Thanks for starting this thread, I don't recall seeing prior months but maybe I missed them.

BDC	% Dollar Value of BDC Basket
HTGC	12.0%
GLAD	10.2%
GAIN	12.2%
TSLX	13.3%
CGBD	8.1%
OBDC	15.5%
ARCC	8.3%
FDUS	10.6%
GBDC	6.6%
BXSL	3.3%

 

[schrodingerscat]

Thanks for this! I was missing you and the sharing of your personal/professional experience. Take care and post often! - RM

I've missed you too! I'm on the fence wrt continuing a BDC thread. People seem to appreciate it, so I double post - the same content on both this site and Fido.

 

[fjpajerski]

Thanks. Like so many now here, I no longer waste a second on Fido thanks to its forum "refresh" and then Fido's woeful support of it. Sad.

My BCD investments are only in the four internally-managed funds, particularly CSWC and TRIN. Check out their currently very positive stats. I don't waste my time considering any externally-managed offerings.

In My Opinion, a key external-management aim is to further enrich its management while internal-management instead is aimed at benefitting the shareholders.

--- Frank

 

[Flieger]

I only hold one BDC currently (CSWC), having sold BSXL, ARCC, ARDC, etc.

Flieger

 

[Rhythm Method]

I’m holding a small position in ARCC. I plan to add a little more this month.

 

[Flyfish1]

I'm long ARCC, BIZD, CSWC, OBDC. Only ARCC is in the black for me.