Summary

• Publicly traded BDCs aren't the private credit story making headlines — daily pricing, no lockups, and no gating mechanisms set them apart structurally.
• Credit quality is holding: the nonaccrual rate stands at just 1.4% as of Q4 2025, well below the 5%+ seen at the height of COVID.
• Large-cap BDCs are yielding 12.6% on average which is roughly double leveraged loans and triple the 10-year US Treasury.

Publicly traded BDCs offer 12.6% yields and stable credit quality, a very different story than the private credit headlines suggest.

The Large-cap BDC Dividend Yield is derived from a basket of BDCs from S&P Capital