BDC Fixed Income Table

Click here for the BDC Fixed Income Table

In the week ended August 14, 2026, there were no additions or deductions to the 28-issue universe. During the week, debt issues fell by 0.25%. 11 notes were up, 15 were down, and 2 were unchanged. YTD, the debt is down just 0.27%, with 15 issues up in price and 13 down. The average yield was 7.2345%. There were no material developments otherwise.

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 financing sources 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". In general terms, these issues rank below secured debt on a BDC's balance sheet but above 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 can redeem the debt two years after issuance, but investors cannot.

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". It also includes the most recent prices for each security and the previous week's prices. We also show the coupon, par yield, and current yield; the date 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. Each BDC includes notes with any important information. We highlight anything new for the week in green.

Weekly, we calculate the percentage change in each issue's price and the year-to-date change. The table shows how many issues increased, decreased, or stayed the same for the week and year-to-date. 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.