Why BDC Dividend Cuts Aren't The Red Flag Investors Think

2026-02-09 17:05:19 ET

Private credit stocks have fallen sharply recently, as evidenced by weakness in publicly traded business development companies (BDCs) ( BIZD ), as well as in alternative asset managers that have heavy concentration in private credit. For example, we can see that Apollo Global Management ( APO ), Ares Management ( ARES ), and Blue Owl Capital ( OWL ) have all fallen sharply recently due in large part to their heavy concentration in private credit, while BDCs ranging from Hercules Capital ( HTGC ) and Ares Capital ( ARCC ) to Blue Owl Capital Corporation ( OBDC ), Blackstone Secured Lending ( BXSL ), FS KKR ( FSK ), and many others have also suffered a major beatdown....

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