Ares Capital valued its loans to Flinn Scientific near full value for two years, then cut them to 78 cents in a single quarter. A PMI analysis of its filings finds the same pattern across its weakest credits, hidden inside a portfolio still marked at about 99% of cost.

Private credit BDCs hold $15.4 billion of loans maturing by June 2027, marked at 87% of par. PRISM Private Markets data shows 111 of the 598 borrowers already held below 80% of cost.

High-severity PIK flips at private credit BDCs fell to 47 borrowers in Q2 2026, from 100 at year-end 2025. PRISM Private Markets data shows reversions to cash pay outnumbering new flips for two straight quarters.

Software borrowers led all sectors in cash-to-PIK switches at private credit BDCs in Q2, with 28 names flipping. PRISM Private Markets data shows Exabeam and Diligent moving to PIK at several lenders at once ahead of Q3 filings.

A shift in stock-bond correlation alone can raise a 60/40 portfolio's volatility by nearly 25%. Apollo's Christopher Lvoff and Lucy Xin argue that bonds and concentrated private equity both diversify less than investors assume, and make the case for hybrid capital.

Prospect Floating Rate & Alternative Income Fund reports Q3 2025 results with assets up to $105.52M and increased investments at fair value.

Gladstone Capital reports Q1 2025 results with total assets of $815.6M, NAV per share at $21.51, and decreased liabilities.

PhenixFIN Corp reports Q1 2025 results with 31.7% growth in investments at fair value and 1.5% increase in net asset value per share.

Golub Capital BDC reports Q1 2025 results with asset growth to $9.01B, but NAV per share dips to $15.13 amid rising liabilities.

Capital Southwest reports Q3 2025 results with 15.2% growth in investment portfolio to $1.70B and 14.9% increase in total assets to $1.79B.

Oaktree Specialty Lending reports Q1 2025 results with decreased assets, investments, and equity, but increased cash position.

Prospect Capital reports Q1 2025 net loss of $134M, NAV drops to $8.10/share amid unrealized losses of $124M and portfolio value decline.

Palmer Square Capital BDC grows portfolio 25.3% in Q3, shifts capital structure with new notes payable amid reduced net income.

Runway Growth Finance reports Q3 2024 results with increased net income, slight decrease in NAV, and robust investment activity.

Nuveen Churchill Direct Lending Corp. reports Q3 2024 results with asset growth to $2.14B and increased net income of $36.64M for the quarter.

CION Investment Corp reports Q3 2024 results: assets down, NAV per share drops to $15.73, net loss of $379,000 amid portfolio changes.

Bain Capital Specialty Finance reports mixed Q3 results with asset growth and stable income, despite lower investment returns and increased debt.

Prospect Capital reports Q1 2025 results with NAV decline to $8.10, net loss of $134.01M, and reduced investment portfolio value.

Ares Capital reports Q3 growth: assets up to $27.1B, NAV per share at $19.77, net income $394M amid active investment and financing.

Horizon Technology Finance reports mixed Q3 results with increased assets but lower NAV per share, amid portfolio growth and debt reduction.