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BDC Quarterly Wrap: 2Q24
September 12, 2024 – The BDC Quarterly Wrap highlights select data points to provide a readout on BDC growth, structure, financing and asset quality. For context, growth data includes the entire BDC universe, which consists of 155 funds; all other data captures BDCs reporting financials by August 19th, representing a universe of 151 funds.
According to a September 3rd Fitch Ratings report, the majority of PIK income reported in BDCs comes from such flexible structures for performing credits with good growth prospects. In these cases, borrowers are allowed to PIK a portion of interest for a period of time, often around two years. In 2Q24, new PIK investments accounted for 5.6% of new investments in BDCs, down from 6.27% in 1Q24, according to SOLVE.
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