{"id":131666,"date":"2025-11-20T12:09:08","date_gmt":"2025-11-20T17:09:08","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/bdc-issued-debt-a-public-window-into-private-credit-issuers\/"},"modified":"2025-12-18T18:37:01","modified_gmt":"2025-12-18T23:37:01","slug":"bdc-issued-debt-a-public-window-into-private-credit-issuers","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/bdc-issued-debt-a-public-window-into-private-credit-issuers\/","title":{"rendered":"BDC-issued debt: A public window into private credit issuers"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc439257'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">BDC-issued debt: A public window into private credit issuers<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/366809521.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Asset Curve\" title=\"Asset Curve\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc4438e9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">November 20, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc44619d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p><span class=\"TextRun SCXW11933098 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\">The<\/span><span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> rise <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\">of<\/span><span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> debt issued by Business Development Companies (BDCs) has created a distinct and increasingly important segment within the bond market.<\/span><\/span><span class=\"TextRun SCXW11933098 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"> <span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\">This article looks at how indices, such as<\/span><span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> Bloomberg\u2019s US BDC Aggregate Eligible <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Index<\/span><span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> provide <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\">investors<\/span><span class=\"NormalTextRun SCXW11933098 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> a benchmark for tracking risk-adjusted performance across this asset class.<\/span><\/span><\/p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc448ee8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><span class=\"TextRun SCXW122426134 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW122426134 BCX0\">This article was written by<\/span><span class=\"NormalTextRun SCXW122426134 BCX0\"> Jasvinder Singh, <\/span><span class=\"NormalTextRun SCXW122426134 BCX0\">Senior Product Manager <\/span><span class=\"NormalTextRun SCXW122426134 BCX0\">and <\/span><span class=\"NormalTextRun SCXW122426134 BCX0\">Mark Phillips, <\/span><span class=\"NormalTextRun SCXW122426134 BCX0\">Global Head of Private Credit<\/span><span class=\"NormalTextRun SCXW122426134 BCX0\"> at <\/span><span class=\"NormalTextRun SCXW122426134 BCX0\">Bloomberg<\/span><\/span><span class=\"EOP SCXW122426134 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW237667230 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW237667230 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Debt issued by Business Development Companies (BDCs) has <\/span><span class=\"NormalTextRun SCXW237667230 BCX0\" data-ccp-parastyle=\"Normal (Web)\">emerged<\/span><span class=\"NormalTextRun SCXW237667230 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> in recent years as a distinct and growing segment of the bond market. <\/span><\/span><span class=\"TextRun SCXW237667230 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW237667230 BCX0\" data-ccp-parastyle=\"Normal (Web)\">In this article, we will examine what BDCs are and the role they can play in a broader portfolio strategy.<\/span><\/span><span class=\"EOP SCXW237667230 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc44aa95'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_825388471092316423\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Indices\"\n        >\n                      Bloomberg Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW182927638 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW182927638 BCX0\" data-ccp-parastyle=\"Normal (Web)\">What are BDCs<\/span><span class=\"NormalTextRun SCXW182927638 BCX0\" data-ccp-parastyle=\"Normal (Web)\">?<\/span><\/span><span class=\"EOP SCXW182927638 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW76086078 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BDCs <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">were created by <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">C<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">ongres<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">s<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> to <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">provide capital<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> to mid- and small-size<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">d<\/span> <span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">U.S. <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">companies. BDCs raise capital from investors<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">,<\/span> <span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">typically through equity and debt issuance<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">,<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> and deploy <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">it <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">in the form of loans and <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">other capital solutions <\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">to<\/span> <span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">these business<\/span><span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">es.<\/span> <span class=\"NormalTextRun SCXW76086078 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BDCs\u2019 AUM has grown four-fold since the end of 2020 to ~$450bn in 2025, becoming a key vehicle in enabling investor access to private credit; a market that is currently estimated to be ~$2tn.<\/span><\/span><span class=\"EOP SCXW76086078 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc44e6b0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3879528138321751520\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc451ed3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Why <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BDC<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">&#8211;<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">i<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">s<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">s<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">ued <\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">d<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">ebt <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">m<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">atters<\/span><span class=\"NormalTextRun SCXW110537026 BCX0\" data-ccp-parastyle=\"Normal (Web)\">?<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW212629789 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW212629789 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BDC-issued debt<\/span><span class=\"NormalTextRun SCXW212629789 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> appeals to investors <\/span><span class=\"NormalTextRun SCXW212629789 BCX0\" data-ccp-parastyle=\"Normal (Web)\">because<\/span><span class=\"NormalTextRun SCXW212629789 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> it can offer some of the following benefits<\/span><span class=\"NormalTextRun SCXW212629789 BCX0\" data-ccp-parastyle=\"Normal (Web)\">.<\/span> <\/span><span class=\"EOP SCXW212629789 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Yield premium<\/span><\/b><span data-contrast=\"auto\"> over <\/span><span data-contrast=\"auto\">comparable investment-grade corporate bonds, reflecting their exposure to pools of middle-market borrowers. US BDC debt, as measured by the recently launched Bloomberg US BDC Aggregate Eligible Index, has delivered double digits returns in recent years. In comparison, its base index (US Aggregate) had near-zero returns. Yields had a near 100bps premium at October 2025 month-end. Note, for more information on yield premium, please<\/span><span data-contrast=\"none\"> refer to key performance highlights section below.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Diversified private credit exposure<\/span><\/b><span data-contrast=\"none\">,<\/span><span data-contrast=\"none\"> given BDCs lend across sectors, geographies, and sponsors. BDCs lend across countries, from United States, to France and Sweden, to India, as well as across industries from Technology to Retailers and Chemicals. Note, Bloomberg Terminal subscribers can track these via DLEN tool on the Terminal.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Transparency <\/span><\/b><span data-contrast=\"none\">into the BDC issuer\u2019s portfolio and risk through quarterly reporting of loan holdings. Given BDCs are registered <\/span><span data-contrast=\"auto\">under the Investment Company Act of 1940, they are required to provide certain public disclosures. <\/span><span data-contrast=\"none\">This, combined with additional sources of information allows insights into private credit from BDCs.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>We discuss these characteristics of BDCs in more detail below.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"790\" height=\"648\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-1-corr.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Growth of US BDC Agg Eligible Debt (2022 \u2013 2025 YTD)\" title=\"Growth of US BDC Agg Eligible Debt (2022 \u2013 2025 YTD)\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-1-corr.png 790w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-1-corr.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-1-corr.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-1-corr.png 132w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW33851116 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW33851116 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Tracking BDC bond market historical performance<\/span><\/span><span class=\"EOP SCXW33851116 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW167928189 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW167928189 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Using the BDCUSAGG as an example, we can see how indices help track the performance of the BDC debt segment <\/span><span class=\"NormalTextRun SCXW167928189 BCX0\" data-ccp-parastyle=\"Normal (Web)\">relative<\/span><span class=\"NormalTextRun SCXW167928189 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> to broader bond markets and comparable credit tiers.<\/span> <\/span><span class=\"TextRun SCXW167928189 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW167928189 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Performance of the BDCUAGG is notable when compared to its base index, the (US <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW167928189 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Aggregate),<\/span><span class=\"NormalTextRun SCXW167928189 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> and the US Corporate 1-5 Year BBB Indices (see Figure 3). The BDCUSAGG Index is comparable to the US Corporate 1-5 Year BBB Index, from both duration and quality standpoint.<\/span><\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li><span data-contrast=\"none\">From its inception in January 2022 to October 2025 month-end, the BDCUSAGG posted returns of 14.32%. During this period, the US Aggregate and the US Corporate 1-5 Year BBB Index returned 0.07% and 12.51% respectively.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Yields (as measured by yield to worst) of the BDCUSAGG climbed to 5.41% at the month-end. The US Aggregate and the US Corporate 1-5 Year BBB Index posted 4.33% and 4.44%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Option Adjusted Duration (OAD) of the BDCUSAGG, the US Aggregate, and the US Corporate 1-5 Year BBB Index were 3.09, 6.02 and 2.70 respectively.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">There were 33 issuers in the BDCUSAGG Index as of the October month-end. Blackstone Private Credit Fund (12.46%), Ares Capital (11.64%), and Ares Strategic Income Fund (8.39%) were the top issuers, and make up nearly a third of the BDCUSAGG universe.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span class=\"TextRun SCXW74898255 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW74898255 BCX0\" data-ccp-parastyle=\"Normal (Web)\">See Figure 4 for certain <\/span><span class=\"NormalTextRun SCXW74898255 BCX0\" data-ccp-parastyle=\"Normal (Web)\">additional<\/span><span class=\"NormalTextRun SCXW74898255 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> statistics related to these indices.<\/span><\/span><\/li>\n<\/ul>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW36907163 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Using BDCs to d<\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">iversif<\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">y<\/span> <span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">p<\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">rivate <\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">c<\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">redit <\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">e<\/span><span class=\"NormalTextRun SCXW36907163 BCX0\" data-ccp-parastyle=\"Normal (Web)\">xposure<\/span><\/span><span class=\"EOP SCXW36907163 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">Notably, using the <\/span><span data-contrast=\"none\">index approach enables consistent monitoring of pricing trends, spreads, and funding dynamics among BDCs, providing insight into how private credit lenders access and price public capital. Investors can combine this with Bloomberg\u2019s direct lending tooling such as DLEN to gain insights into direct lending market activity.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">This function captures BDC holdings data alongside deals sourced through M&amp;A disclosures, Bloomberg News and direct lender submissions, resulting in an aggregated view of private credit deal flow. As DLEN tool outlines, BDC debt spans across industries, geographies, and borrowers (see Figure 2).<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW161113471 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW161113471 BCX0\" data-ccp-parastyle=\"Normal (Web)\">Gaining transparency into the BDC issuer\u2019s portfolio<\/span><\/span><span class=\"EOP SCXW161113471 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW128476281 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">The index <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">approach <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">allows <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">research and <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">portfolio analytics capabilities by offering a<\/span> <span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">trackable representation of <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">the <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">market segment<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">.<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> This includes<\/span> <span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">integration of the index constituents into relative value tooling such as the <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">fixed income worksheet <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">via <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">FIW <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">tool on the Bloomberg Terminal<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">, enabling analysis of the <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">pricing, performance, relative value<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">,<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> and liquidity <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">of the <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">index constituents (see Figure 5). <\/span><\/span><span class=\"TextRun SCXW128476281 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BDCUSAGG data is <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">also <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">availabl<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">e<\/span> <span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">to Bloomberg Terminal users <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">in Bloomberg Query Language (BQL)<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">, enabling analysis through <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">(<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BQL &lt;GO&gt;<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">}<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">, Microsoft\u00ae Excel, <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BQuant<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> Desktop, and <\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">BQuant<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\"> Enterprise<\/span><span class=\"NormalTextRun SCXW128476281 BCX0\" data-ccp-parastyle=\"Normal (Web)\">.<\/span><\/span><span class=\"EOP SCXW128476281 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"802\" height=\"690\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-2-corr.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Direct Lending Deal Flow\" title=\"Direct Lending Deal Flow\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-2-corr.png 802w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-2-corr.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-2-corr.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-2-corr.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-2-corr.png 126w\" sizes=\"auto, (max-width: 802px) 100vw, 802px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"747\" height=\"680\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-FIg-3.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Performance of US BDC Agg Eligible Index vs. US Aggregate and US Corporate 1-5 Year BBB Index (January 2022 \u2013 October 2025)\" title=\"Performance of US BDC Agg Eligible Index vs. US Aggregate                    and   US Corporate 1-5 Year BBB Index (January 2022 \u2013 October 2025)\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-FIg-3.png 747w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-FIg-3.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-FIg-3.png 119w\" sizes=\"auto, (max-width: 747px) 100vw, 747px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"590\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-4.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Key Stats of US BDC Agg Eligible, US Agg and US Corp 1-5 Year BBB Index\" title=\"Key Stats of US BDC Agg Eligible, US Agg and US Corp 1-5 Year   BBB Index\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-4.png 752w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-4.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-4.png 138w\" sizes=\"auto, (max-width: 752px) 100vw, 752px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"562\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-5.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Option-Adjusted Spread to Treasury vs. Maturity of Bonds Underlying US BDC Agg Eligible\" title=\"Option-Adjusted Spread to Treasury vs. Maturity of Bonds Underlying US BDC Agg Eligible\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-5.png 788w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-5.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-5.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BDC-Fig-5.png 151w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW140717311 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW140717311 BCX0\" data-ccp-charstyle=\"Heading 2 Char\">Expanding opportunities in fixed income with BDC debt indices<\/span><\/span><span class=\"EOP SCXW140717311 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"none\">While past performance is no guarantee of future returns, the last three years highlight the role of BDC debt as a potential <\/span><span data-contrast=\"none\">compelling diversifier in fixed income portfolios<\/span><span data-contrast=\"none\">. Its combination of yield and potential diversification have allowed it to outperform at a time when core bond benchmarks have lagged (as referenced in the key performance highlights above). BDC-issued debt may bridge the gap <\/span><span data-contrast=\"none\">between traditional fixed income and private markets.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Indices tracking BDC-issued debt provide a structured framework for analyzing performance, risk, and liquidity across this emerging asset class supporting greater transparency and integration of private credit exposure into broader fixed income analysis.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The launch of <\/span><span data-contrast=\"none\">BDCUSAGG index marks the latest addition to Bloomberg\u2019s suite of private market solutions, which enable investors to screen for private funds, monitor deal flow, consume research, assess risk, evaluate performance, benchmark strategies, and track breaking news.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69ff6dc45f97a]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-69ff6dc45f97a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 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