Ares Capital posted excellent results in the IIIQ 2025, but that’s already old news to investors. However, some preliminary data from the IVQ 2025 suggests the BDC’s future earnings might take a step down shortly.

Gladstone Capital is the first well performing BDC to pre-emptively cut its regular distribution in the anticipation of lower earnings due to interest rate cuts. We analyze what two different interest rate scenarios might do to the BDC’s profitability but we also quantify other factors that could help or hinder this previously high flying BDC.

Ahead of every other BDC Palmer Square Capital BDC has reported its net asset value per share at the end of September 2025. The metric is below the level at the end of June and we believe we mostly know why.

On paper – going by the BDC’s own pro-forma projections – Saratoga Investment’s earnings could drop substantially should interest rates continue to decline. However, the BDC’s manager has multiple options to protect its profitability.

Fidus Investment has joined the long line of BDCs raising new unsecured debt to replace maturing issues. We have another look at this sector-wide phenomenon and evaluate whether swapping out debt will have a material effect on the BDC’s profitability.

Main Street Capital – like many other BDCs – has been busy of late issuing and repaying debt. We have a look at the BDC’s latest refinancing, what is coming down the road and the implications for the balance sheet and profitability of this ever popular player.

BDC prices are taking a beating. In the past few weeks the sector is substantially down and the number of individual stocks at a new 52 week low this week is reaching record levels. We take a look at all the new 52 week lows to determine what can be learned from the identities of the BDCs reaching their nadirs.

On hearing of Palmer Square Capital’s latest dividend, we were inspired to calculate how much the BDC’s earnings and dividend might change if we really get the big drop in short term rates that so many investors are counting on. This takes us all the way out to 2027 and all calculations are very hypothetical.

There have been too many BDC junior debt issues of late to discuss individually. Instead, we compiled a table of all the debt raised in the IIIQ 2025 and discussed some of the trends which show up. We come away pretty encouraged.

One of the largest public BDC has set a new 52 week price low. FS KKR Capital may be the first of many to reach new depths as the BDC market has suddenly turned antsy.

For the past few days Gladstone Capital has been announcing significant changes to its debt facilities. This week, the BDC filled in the picture further, which has allowed us to quantify what the impact on its balance sheet and income statement will look like for the next year and a half.