When BDCs Sell Off

A historical look at the dislocations that create the best entry points in business development companies.

BDCs trade like quasi-credit instruments most of the time — and like equities during sell-offs. Knowing which sell-offs were real credit events and which were panic-driven re-ratings is half the battle.

What’s inside

• Every major BDC sell-off since 2008 — what triggered it, how deep it went, and how long it took to recover.
• The signal-vs-noise rule — separating credit deterioration from spread widening.
• The names that compounded through the worst — and why their underwriting discipline mattered more than their dividend yield.
• What we’re watching today — the current setup framed against history.

Get the research note

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Note: T&T Capital Management may hold positions in BDCs discussed. Research is educational; not a recommendation. Past performance does not guarantee future results. Schedule a free consultation.