EVOLUTION-NINJA
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Return-Path: <bounce+10126c.63af5d-ds=e24.com.au@mg-d0.substack.com> Delivered-To: ds@e24.com.au Received: from myaccount8.wpcpanel.com by myaccount8.wpcpanel.com with LMTP id wFbCDQZHh2mNIQAAycIfzw (envelope-from <bounce+10126c.63af5d-ds=e24.com.au@mg-d0.substack.com>) for <ds@e24.com.au>; Sun, 08 Feb 2026 01:07:02 +1100 Return-path: <bounce+10126c.63af5d-ds=e24.com.au@mg-d0.substack.com> Envelope-to: ds@e24.com.au Delivery-date: Sun, 08 Feb 2026 01:07:02 +1100 Received: from v533.v5375b7fa.use4.send.mailgun.net ([159.112.244.33]:49980) by myaccount8.wpcpanel.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.99.1) (envelope-from <bounce+10126c.63af5d-ds=e24.com.au@mg-d0.substack.com>) id 1voixd-000000002CK-3p95 for ds@e24.com.au; Sun, 08 Feb 2026 01:07:02 +1100 DKIM-Signature: a=rsa-sha256; v=1; c=relaxed/relaxed; d=mg-d0.substack.com; q=dns/txt; s=mailo; t=1770473168; x=1770480368; h=List-Unsubscribe-Post: List-Unsubscribe: List-Post: List-Id: List-Archive: List-Owner: Reply-To: In-Reply-To: References: Sender: Sender: Date: Message-Id: To: To: From: From: Subject: Subject: Content-Type: Mime-Version; bh=KGBSineHv+SFkzKjFpMZAbt3isQIthvray6VODk/iLY=; b=h9cLmyZ9Nf82m97rHREa3zoTm9gNUembLErZcV+VWqrTnxemuiTFSz10dIQTHNUJiiQ+4kGMXUM7uzgWy5C6MP+uxWPipb3b4bJ92pQ7ILjAkW6eCDoRyhgoHFDtLLbcoqPll1DNpRx+DsvpxfeuZCfEMmQ8patg6BNqvGfZ0mA= X-Mailgun-Sid: WyJjNDkyYyIsImRzQGUyNC5jb20uYXUiLCI2M2FmNWQiXQ== Received: by 214c148e0a6795c77ddd9ff5b00664807faa1143a28d4a375740f49631d07873 with HTTP id 698746d0cdfec8d4392d71f8; Sat, 07 Feb 2026 14:06:07 GMT X-Mailgun-Sending-Ip: 159.112.244.33 X-Mailgun-Batch-Id: 698746cfa8bb5299acbb8e32 Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="939b8791a398e2176fe9feb66d1c4d24c95326a9766a362963bab604c93c" Subject: BDCs are now trading at real discounts (here's what I'm buying) From: Get Dividends <getdividends@substack.com> To: ds@e24.com.au X-Mailgun-Tag: post X-Mailgun-Track-Clicks: false Message-Id: <20260207140232.3.94ce80efb6f8bc6f@mg-d0.substack.com> Date: Sat, 7 Feb 2026 14:02:32 +0000 Feedback-Id: post-186595897:cat-post:pub-6658155:substack Sender: Get Dividends <getdividends@substack.com> References: <post-186595897@substack.com> In-Reply-To: <post-186595897@substack.com> Reply-To: Get Dividends <reply+333ebd&6k42rq&&523a0e22e3925536732ae87ac80082db2f7f0fb617ee69fd7de41d0e6bb119cb@mg1.substack.com> List-Owner: <mailto:getdividends@substack.com> List-Url: <https://getdividends.net/> List-Archive: <https://getdividends.net/archive> List-Id: <getdividends.substack.com> List-Post: <https://getdividends.net/p/bdcs-are-now-trading-at-real-discounts> List-Unsubscribe: <https://getdividends.net/action/disable_email/disable?token=eyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NjU5NTg5NywiaWF0IjoxNzcwNDczMTY0LCJleHAiOjE4MDIwMDkxNjQsImlzcyI6InB1Yi02NjU4MTU1Iiwic3ViIjoiZGlzYWJsZV9lbWFpbCJ9.2Q76wqXwwgxu83wBgnNOsOTwHZkGELsTV9Kl1EWP02g&all_sections=true> List-Unsubscribe-Post: List-Unsubscribe=One-Click X-Mailgun-Variables: {"category": "post", "email_generated_at": "1770473165562", "is_freemail": "true", "post_audience": "only_free", "post_id": "186595897", "post_type": "newsletter", "pub_community_enabled": "true", "publication_id": "6658155", "subdomain": "getdividends", "user_id": "396579590"} X-Spam-Status: No, score=3.1 X-Spam-Score: 31 X-Spam-Bar: +++ X-Ham-Report: Spam detection software, running on the system "myaccount8.wpcpanel.com", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: View this post on the web at https://getdividends.net/p/bdcs-are-now-trading-at-real-discounts Hi, Business Development Companies (BDCs) were hit hard in January amid concerns about private credit recession. But like most panic selling, the knee-jerk reaction created real opportunity. The BDC B [...] Content analysis details: (3.1 points, 4.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5000] 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.112.244.33 listed in bl.score.senderscore.com] -0.0 SPF_PASS SPF: sender matches SPF record 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.9 RAZOR2_CHECK Listed in Razor2 (http://razor.sf.net/) 1.9 RAZOR2_CF_RANGE_51_100 Razor2 gives confidence level above 50% [cf: 100] 0.0 T_KAM_HTML_FONT_INVALID Test for Invalidly Named or Formatted Colors in HTML -1.0 MAILING_LIST_MULTI Multiple indicators imply a widely-seen list manager X-Spam-Flag: NO --939b8791a398e2176fe9feb66d1c4d24c95326a9766a362963bab604c93c Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable View this post on the web at https://getdividends.net/p/bdcs-are-now-tradin= g-at-real-discounts Hi, Business Development Companies (BDCs) were hit hard in January amid concern= s about private credit recession. But like most panic selling, the knee-jerk reaction created real opportunit= y. The BDC Breakdown BDCs lend to mid-market private companies (less risky than startups). What worried investors in January: Private credit is cooling Default rates could rise Interest rate cuts might compress yields What=E2=80=99s actually happening: BDCs are fine; defaults are still LOW Rates will stabilize; no more surprise cuts coming The discounts created by panic are genuine buying opportunities=E2=80=8B The Math on a BDC Trading at Discount Main Street Capital (MAIN) example: Book value: $42/share Current trading: $39/share (7% discount) Yield: 7.5% NAV growth: Historically +3-5%/year Three-year forward return: Dividend collected: +22.5% (3 years =C3=97 7.5%) NAV appreciation: +10-15% (assuming discount closes) Total return: 32-37%+=E2=80=8B Inside Premium, you get: The complete BDC Database with: =E2=9C=85 Each BDC=E2=80=99s loan portfolio breakdown (what do they actuall= y own?) =E2=9C=85 Credit quality (how safe are the loans?) =E2=9C=85 Leverage ratios (are they using debt prudently?) =E2=9C=85 Dividend safety (covered by earnings or at risk?) =E2=9C=85 Valuation target (when to sell) Recent BDC additions to the portfolio: Two BDCs trading 8-10% below book (bought at discount) One BDC with improving credit metrics (added on weakness)=E2=80=8B The key insight: BDC panic =3D opportunity for patient investors with resea= rch. Premium members have the research already done. Just execute the thesis. Kestutis Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9nZXRkaXZpZGV= uZHMubmV0L2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0lqb3pPVFkxTn= prMU9UQXNJbkJ2YzNSZmFXUWlPakU0TmpVNU5UZzVOeXdpYVdGMElqb3hOemN3TkRjek1UWTBMQ= 0psZUhBaU9qRTRNREl3TURreE5qUXNJbWx6Y3lJNkluQjFZaTAyTmpVNE1UVTFJaXdpYzNWaUlq= b2laR2x6WVdKc1pWOWxiV0ZwYkNKOS4yUTc2d3FYd3dneHU4M3dCZ25OT3NPVHdIWmtHRUxzVFY= 5S2wxRVdQMDJnIiwicCI6MTg2NTk1ODk3LCJzIjo2NjU4MTU1LCJmIjp0cnVlLCJ1IjozOTY1Nz= k1OTAsImlhdCI6MTc3MDQ3MzE2NCwiZXhwIjoyMDg2MDQ5MTY0LCJpc3MiOiJwdWItMCIsInN1Y= iI6ImxpbmstcmVkaXJlY3QifQ.b3bVKTlKoh3zUGW_R3PaP9JT17rMpxRf_Li5Zxnfyyc? --939b8791a398e2176fe9feb66d1c4d24c95326a9766a362963bab604c93c Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable <html style=3D"scrollbar-width: thin;scrollbar-color: rgb(219,219,219)rgb(2= 55,255,255);"><head><meta charset=3D"utf-8"><title>BDCs are now trading at = real discounts (here's what I'm buying)</title><style> @media (max-width: 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.audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } }</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im= age-offset-margin: -120px;"><img src=3D"https://eotrx.substackcdn.com/open?= token=3DeyJtIjoiPDIwMjYwMjA3MTQwMjMyLjMuOTRjZTgwZWZiNmY4YmM2ZkBtZy1kMC5zdWJ= zdGFjay5jb20-IiwidSI6Mzk2NTc5NTkwLCJyIjoiZHNAZTI0LmNvbS5hdSIsImQiOiJtZy1kMC= 5zdWJzdGFjay5jb20iLCJwIjoxODY1OTU4OTcsInQiOiJuZXdzbGV0dGVyIiwiYSI6Im9ubHlfZ= nJlZSIsInMiOjY2NTgxNTUsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJp= YXQiOjE3NzA0NzMxNjUsImV4cCI6MTc3MzA2NTE2NSwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ= 9.HfzIU_bdSDQW26TlmL589osWvf0xzdQAnoNYEBcq1B0" alt=3D"" width=3D"1" height= =3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important;bor= der-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;m= argin-right:0 !important;margin-left:0 !important;padding-top:0 !important;= padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !impo= rtant;"/><div class=3D"preview" style=3D"display:none;font-size:1px;color:#= 333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidd= en;">Private credit recession fears =3D opportunity</div><div class=3D"prev= iew" style=3D"display:none;font-size:1px;color:#333333;line-height:1px;max-= height:0px;max-width:0px;opacity:0;overflow:hidden;">͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­͏   ­͏ ̳= 9; ­͏   ­͏   ­͏ &nb= sp;   ­͏   ­͏   ­&= #847;   ­͏   ­͏  = ; ­͏   ­͏   ­͏ &nbs= p;   ­͏   ­͏   ­&#= 847;   ­͏   ­͏  = ­͏   ­͏   ­͏  = ;   ­͏   ­͏   ­= 47;   ­͏   ­͏   = ­͏   ­͏   ­͏ =   ­͏   ­͏   ­T= 7;   ­͏   ­͏   &= #173;͏   ­͏   ­͏ =   ­͏   ­͏   ­͏= ;   ­͏   ­͏   &#= 173;͏   ­͏   ­͏ &= #8199; ­͏   ­͏   ­͏=   ­͏   ­͏   = 73;͏   ­͏   ­͏ &#= 8199; ­͏   ­͏   ­͏ =   ­͏   ­͏   = 3;͏   ­͏   ­͏ = 199; ­͏   ­͏   ­͏ &= nbsp;   ­͏   ­͏   ­= ;͏   ­͏   ­͏ Q= 99; ­͏   ­͏   ­͏ &n= bsp;   ­͏   ­͏   ­= ͏   ­</div><table class=3D"email-body-container" rol= e=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin= g=3D"0"><tbody><tr><td></td><td class=3D"content" width=3D"550"></td><td></= td></tr><tr><td></td><td class=3D"content" width=3D"550" align=3D"left"><di= v style=3D"font-size: 16px;line-height: 26px;max-width: 550px;width: 100%;m= argin: 0 auto;overflow-wrap: break-word;"><table role=3D"presentation" widt= h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td = align=3D"right" style=3D"height:20px;"><table role=3D"presentation" width= =3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td s= tyle=3D"vertical-align:middle;"><span class=3D"pencraft pc-reset reset-IxiV= JZ tw-font-body tw-text-ssm tw-text-substack-secondary" style=3D"font-famil= y: SF Pro Text, -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe = UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji= , Segoe UI Symbol;font-size: 13px;color: unset;list-style: none;text-decora= tion: unset;margin: 0;"><div class=3D"pencraft pc-reset align-right-VJbKw5 = size-12-mmZ61m reset-IxiVJZ" style=3D"list-style: none;color: unset;text-al= ign: right;font-size: 12px;line-height: 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dth=3D"550" height=3D"110" src=3D"https://substackcdn.com/image/fetch/$s_!n= cyQ!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs= ubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff4cc339e-7527-4d0b-= 97e1-5dc3d63a13d0_1100x220.png" style=3D"border: none !important;vertical-a= lign: middle;max-width: 550px;display: block;margin: 0 auto;height: auto;wi= dth: 100%;"></a></td></tr></tbody></table><div class=3D"post typography" di= r=3D"auto" style=3D"--image-offset-margin: -120px;padding: 32px 0 0 0;font-= size: 16px;line-height: 26px;"><div class=3D"post-header" role=3D"region" a= ria-label=3D"Post header" style=3D"font-size: 16px;line-height: 26px;"><h1 = class=3D"post-title published title-X77sOw" dir=3D"auto" style=3D"direction= : auto;text-align: start;unicode-bidi: isolate;color: rgb(54,55,55);font-fa= mily: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,Blink= MacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emo= ji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoot= hing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: = optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimize= legibility;margin: 0;line-height: 36px;font-size: 32px;"><a href=3D"https:/= /substack.com/app-link/post?publication_id=3D6658155&post_id=3D186595897&ut= m_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtr= ue&r=3D6k42rq&token=3DeyJ1c2VyX2lkIjozOTY1Nzk1OTAsInBvc3RfaWQiOjE4NjU5NTg5N= ywiaWF0IjoxNzcwNDczMTY0LCJleHAiOjE3NzMwNjUxNjQsImlzcyI6InB1Yi02NjU4MTU1Iiwi= c3ViIjoicG9zdC1yZWFjdGlvbiJ9.fWOCbZqF3miO_I51HBW6UAyQ12f_tlOm_fDajxdHA-c" s= tyle=3D"color: rgb(54,55,55);text-decoration: none;">BDCs are now trading a= t real discounts (here's what I'm buying)</a></h1><h3 class=3D"subtitle sub= title-HEEcLo" dir=3D"auto" style=3D"direction: auto;text-align: start;unico= de-bidi: isolate;font-family: 'SF Pro Display',-apple-system-headline,syste= m-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,san= s-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:= normal;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antial= iased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegib= ility;appearance: optimizelegibility;margin: 4px 0 0;color: #777777;line-he= ight: 24px;font-size: 18px;margin-top: 12px;">Private credit recession fear= s =3D opportunity</h3><table class=3D"post-meta" role=3D"presentation" widt= h=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin= : 1em 0;height: 20px;align-items: center;"><tbody><tr><td><table role=3D"pr= esentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"= ><tbody><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" ce= llspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:mi= ddle;"><div class=3D"pencraft pc-reset color-primary-zABazT line-height-20-= t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-upper= case-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style=3D= "list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;= color: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,syst= em-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sa= ns-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight= : 500;text-transform: uppercase;letter-spacing: .2px;"><a class=3D"pencraft= pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-= 11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta= -EgzBVA" style=3D"list-style: none;color: rgb(54,55,55);margin: 0;font-size= : 11px;line-height: 20px;font-family: 'SF Compact',-apple-system,system-ui,= -apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-ser= if,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;= text-transform: uppercase;letter-spacing: .2px;text-decoration: none" href= =3D"https://substack.com/@getdividends">Get Dividends</a></div></td></tr></= tbody></table></td></tr><tr><td><table role=3D"presentation" width=3D"auto"= border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"v= ertical-align:middle;"><div class=3D"pencraft pc-reset color-secondary-ls1g= 8s line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81= nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style= : none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(= 119,119,119);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-a= pple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif= ,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;te= xt-transform: uppercase;letter-spacing: .2px;"><time datetime=3D"2026-02-07= T14:02:32.690Z">Feb 7</time></div></td></tr></tbody></table></td></tr></tbo= 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llpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><table role= =3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding= =3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-button-outline" hr= ef=3D"https://open.substack.com/pub/getdividends/p/bdcs-are-now-trading-at-= real-discounts?utm_source=3Demail&redirect=3Dapp-store&utm_campaign=3Demail= -read-in-app" style=3D"font-family: system-ui,-apple-system,BlinkMacSystemF= ont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe= UI Emoji','Segoe UI Symbol';display: inline-block;font-weight: 500;border:= 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform: uppercase;fo= nt-size: 12px;line-height: 12px;padding: 9px 14px;text-decoration: none;col= or: rgb(119,119,119);"><div class=3D"email-button-spacer" style=3D"font-siz= e: 16px;line-height: 26px;display: inline-block;vertical-align: middle;max-= width: 0;min-height: 18px;"></div><span class=3D"email-button-text" style= =3D"vertical-align: middle;margin-right: 4px">READ IN APP</span><img class= =3D"icon text-icon" src=3D"https://substackcdn.com/image/fetch/$s_!ET-_!,w_= 36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.co= m%2Ficon%2FLucideArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%= 3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"min-wi= dth: 18px;min-height: 18px;border: none;vertical-align: middle;margin-right= : 0;margin-left: 0;max-width: 18px" alt=3D""></a></td></tr></tbody></table>= </td></tr></tbody></table></td></tr></tbody></table></td></tr><tr height=3D= "16"><td height=3D"16" style=3D"font-size:0px;line-height:0;"> </td></= tr></tbody></table></div></div><div class=3D"post typography" dir=3D"auto" = style=3D"--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;= line-height: 26px;"><div class=3D"body markup" dir=3D"auto" style=3D"text-a= lign: initial;font-size: 16px;line-height: 26px;width: 100%;word-break: bre= ak-word;margin-bottom: 16px;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,= 55,55);line-height: 26px;font-size: 16px;margin-top: 0;">Hi,</p><p style=3D= "margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;= ">Business Development Companies (BDCs) were hit hard in January amid conce= rns about private credit recession.</p><p style=3D"margin: 0 0 20px 0;color= : rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>But like most pan= ic selling, </span><strong>the knee-jerk reaction created real opportunity.= </strong></p><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D= "margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: no= ne;"></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height:= 26px;font-size: 16px;"><strong>The BDC Breakdown</strong></p><p style=3D"m= argin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">= BDCs lend to mid-market private companies (less risky than startups).</p><p= style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-si= ze: 16px;"><strong>What worried investors in January:</strong></p><ul style= =3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-specia= l-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margi= n-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin= : 0;">Private credit is cooling</p></li><li style=3D"margin: 8px 0 0 32px;m= so-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 2= 6px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16= px;margin: 0;">Default rates could rise</p></li><li style=3D"margin: 8px 0 = 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-h= eight: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-= size: 16px;margin: 0;">Interest rate cuts might compress yields</p></li></u= l><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;fon= t-size: 16px;"><strong>What’s actually happening:</strong></p><ul sty= le=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-spec= ial-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;mar= gin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;marg= in: 0;">BDCs are fine; defaults are still LOW</p></li><li style=3D"margin: = 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);= line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px= ;font-size: 16px;margin: 0;">Rates will stabilize; no more surprise cuts co= ming</p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"= ><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-si= zing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">The discount= s created by panic are genuine buying opportunities​</p></li></ul><di= v style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;= padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><p st= yle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size:= 16px;"><strong>The Math on a BDC Trading at Discount</strong></p><p style= =3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16= px;"><strong>Main Street Capital (MAIN)</strong><span> example:</span></p><= ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;ms= o-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26= px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16p= x;margin: 0;">Book value: $42/share</p></li><li style=3D"margin: 8px 0 0 32= px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heigh= t: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size= : 16px;margin: 0;">Current trading: $39/share (7% discount)</p></li><li sty= le=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: = rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;pad= ding-left: 4px;font-size: 16px;margin: 0;">Yield: 7.5%</p></li><li style=3D= "margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(5= 4,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-= left: 4px;font-size: 16px;margin: 0;">NAV growth: Historically +3-5%/year</= p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height= : 26px;font-size: 16px;"><strong>Three-year forward return:</strong></p><ul= style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-= special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px= ;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;= margin: 0;">Dividend collected: +22.5% (3 years × 7.5%)</p></li><li st= yle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color:= rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;pa= dding-left: 4px;font-size: 16px;margin: 0;">NAV appreciation: +10-15% (assu= ming discount closes)</p></li><li style=3D"margin: 8px 0 0 32px;mso-special= -format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin= -bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin:= 0;"><strong>Total return: 32-37%+</strong><span>​</span></p></li></u= l><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32= px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div>= <p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-= size: 16px;"><strong>Inside Premium, you get:</strong></p><p style=3D"margi= n: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><spa= n>The complete BDC Database with:</span><br><span>✅ Each BDC’s = loan portfolio breakdown (what do they actually own?)</span><br><span>Ϧ= 9; Credit quality (how safe are the loans?)</span><br><span>✅ Leverag= e ratios (are they using debt prudently?)</span><br><span>✅ Dividend = safety (covered by earnings or at risk?)</span><br><span>✅ Valuation = target (when to sell)</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(5= 4,55,55);line-height: 26px;font-size: 16px;"><strong>Recent BDC additions t= o the portfolio:</strong></p><ul style=3D"margin-top: 0;padding: 0;"><li st= yle=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"color:= rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;pa= dding-left: 4px;font-size: 16px;margin: 0;">Two BDCs trading 8-10% below bo= ok (bought at discount)</p></li><li style=3D"margin: 8px 0 0 32px;mso-speci= al-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;marg= in-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margi= n: 0;">One BDC with improving credit metrics (added on weakness)​</p>= </li></ul><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"ma= rgin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;= "></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26= px;font-size: 16px;"><strong>The key insight:</strong><span> BDC panic =3D = opportunity for patient investors with research.</span></p><p style=3D"marg= in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Pre= mium members have the research already done. 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