5 BDCs Priced For Loan Losses Worse Than 2008, Heading Into Q3

Five major BDCs—Blue Owl Technology Finance Corp., FS KKR Capital Corp, Morgan Stanley Direct Lending Fund, Blue Owl Capital Corporation, and Oaktree Specialty Lending Corporation—trade at steep discounts to NAV, implying extreme loan losses not reflected in credit performance. Current market prices require annualized loan losses far exceeding historical peaks, despite portfolios of senior secured, diversified loans and low non-accruals. Buybacks at deep discounts signal management confidence in loan valuations, with OTF and FSK notably active in repurchasing shares.

Seeking Alpha • Oct 20, 2026

Navigating This Income Market Sell-Off

We take a look at this income market sell-off and review some of the key strategies investors can use to take the most advantage of it. Relying on static buy-under targets is ineffective and potentially dangerous during both systemic and idiosyncratic drawdowns. Effective risk management requires scenario analysis, diversification, and an 'All Weather' allocation approach rather than single-outcome bets.

Seeking Alpha • Oct 19, 2026

Morgan Stanley Direct Lending: Discount Is Attractive, But Credit Has Not Stabilized; Hold

Morgan Stanley Direct Lending trades at a 32% discount to NAV, reflecting sector-wide pressures and a deteriorating credit book. I maintain a Hold rating: non-accruals have risen to 2.9% of cost, NII per share and NAV have declined, and dividend coverage is now just 1.00×. MSDL's liquidity is strong, leverage is moderate at 1.21×, and the Capstone JV offers incremental NII, but credit stability remains unproven.

Seeking Alpha • Oct 14, 2026

Morgan Stanley Direct Lending Fund Announces Third Quarter 2026 Earnings Release and Conference Call

NEW YORK--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL”), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the third quarter ended September 30, 2026, on Thursday, November 5, 2026, after the market closes. MSDL will host a conference call at 10:00 am ET on Friday, November 6, 2026, to review its financial results and conduct a question-and-answer session. Conference Call I.

Business Wire • Oct 5, 2026

If I Could Only Buy 2 Investments While The Fed Hikes Rates

Rising interest rates could create serious pressure for consumers, corporations, housing, equity valuations, and the federal government's debt-servicing burden. However, there are some investments that are well-positioned for Fed rate hikes. I detail my two favorite places to invest that should be highly resilient in the current environment.

Seeking Alpha • Sep 19, 2026

A $100,000 Retirement Dividend Snowball In A Rising-Rate World

Building a $100,000 dividend snowball is foundational for financial security and passive income. I detail how I would go about doing so in today's rising rate environment. I also share some specific picks and how to allocate capital on a percentage basis to build the snowball.

Seeking Alpha • Sep 18, 2026

Morgan Stanley Direct Lending: 0.75x P/NAV, 12% Yield Not Enough To Pull The Trigger

Morgan Stanley Direct Lending (MSDL) trades at a 0.75x P/NAV and yields more than 12%. But the BDC faces persistent portfolio and earnings headwinds. A recent joint venture failed to drive investment income growth, with Q2 net investment income declining to $0.45 and portfolio value shrinking. Rising non-accruals (2.9%), declining NAV, and tight dividend coverage signal deteriorating credit quality and heightened risk of another dividend cut.

Seeking Alpha • Sep 15, 2026

2 Golden Buying Opportunities Before The Fed Hikes Rates

The Fed is likely going to hike rates this week. I take a look at two deeply undervalued opportunities that are likely to be beneficiaries of the rate hikes. I also discuss some of the risks involved.

Seeking Alpha • Sep 14, 2026

The Best REIT And BDC To Own If Things Get Rougher From Here

The market is a precarious place to invest right now, given where valuations and risks sit. I discuss the REIT and BDC that are best positioned to weather a major downturn from a qualitative and quantitative standpoint. I also discuss the risks involved.

Seeking Alpha • Sep 2, 2026

Private Credit Stocks Are Rebounding, but Shared Loans Bring Growing Risk

The overlapping portion of Business Development Company funds has risen from about 10% of the average portfolio in 2010 to over 55% today.

Barrons • Aug 31, 2026