BDC Fixed Income Table

Click here for the BDC Fixed Income Table

For the week ended April 24, 2026, the 30 BDC public debt issues increased in price by 0.43% overall. 23 were up, 6 were down, and 1 was the same. YTD, the debt is up 0.29%, with 20 up in price and 10 down. The average yield was 7.01%. There were no new developments.

Rationale

Common stocks typically attract the most attention from investors, analysts, and the press in BDC investing. However, since about 2012, many BDCs have sought to diversify their sources of financing and have tapped the public market by issuing unsecured notes and, occasionally, preferred stock that trades like common stock, albeit with much lower trading volume. These issues are usually called - rightly or wrongly - "BDC Baby Bonds". If we can speak in general terms, these issues rank below secured debt on a BDC's balance sheet but above the equity; tend to contain very few covenants in their indentures; bear a fixed interest rate, and mature in 5 years. In virtually all cases, BDC issuers have the option to redeem the debt two years after issuance, but investors do not.

For investors seeking structurally "safer" BDC investments than common stock, many of which are "investment grade" and willing to accept lower yields, currently ranging from 5% to 8%, "Baby Bonds" are an attractive option. To provide our readers with timely data on this lesser-known segment of the public BDC sector, we created the BDC Fixed Income Table.

Methodology

The BDC Reporter lists every publicly traded BDC unsecured note or preferred in the "BDC Fixed Income Table". Also included are the most recent prices for each security and for the previous week. We also show the coupon, the par yield, and the current yield; the date on which the BDC can first redeem the debt; the final maturity date; and the record date for interest payments. We also list any ratings the issue has received and the agency that issued them. There are notes for every BDC with any important information. Anything new for the week is highlighted in green.

Weekly, we calculate the percentage change in each issue's price and the year-to-date change. The Table calculates how many issues increased, decreased, or remained the same for the week and for the current year. Those results are also summarized above for anyone seeking a snapshot of recent performance.

We will often write feature articles in the BDC Reporter whenever a new "Baby Bond" is issued or retired.