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Source document· March 13, 2026

These BDCs Yield Up to 15.6%. But Can We Trust Them?

View original at nasdaq.com
These BDCs Yield Up to 15.6%. But Can We Trust Them? This high-yield sector is being taken to the woodshed by the Wall Street spreadsheet jockeys this year…
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  • Goldman Sachs BDC exited an eight-year software loan with no signs of deterioration at $0.99 on the dollar to get ahead of future AI disruption

    60% confidence

  • Because of the asset-light nature of software businesses, lenders risk getting very little of value in future bankruptcies

    60% confidence

  • Goldman Sachs BDC exited a software loan with no signs of deterioration for $0.99 on the dollar to get ahead of future AI disruption

    60% confidence

  • The average BDC's software exposure is about 20%

    60% confidence

  • The average BDC has roughly 5%-10% equity exposure

    60% confidence

  • Because of the asset-light nature of software businesses, lenders risk getting very little of value in future bankruptcies

    60% confidence

  • SLRC's assets can be viewed as a more attractive alternative relative to increasing investor concerns about private market industry exposure to software companies

    60% confidence

  • SLRC's assets can be viewed as a more attractive alternative relative to increasing investor concerns about private market industry exposure to software companies

    60% confidence

  • Our run rate NII is projected to cover our current dividend as we ramp the PSSL II portfolio

    60% confidence

  • The average BDC has roughly 5%-10% equity exposure, but Gladstone Investment's target mix is 75% debt/25% equity

    60% confidence

  • The average BDC's software exposure is about 20%

    60% confidence

  • PennantPark's run rate NII is projected to cover current dividend as they ramp the PSSL II portfolio

    60% confidence
What we know · the intelligence behind this page
Live from the substrate
What we're seeing
Q4 2026 Biopharma Catalyst Cluster: Late-Stage Readouts and Regulatory Milestones
October 2026 brings a dense run of Phase 3 wins (ALOFT-IPF, RESTORE-3), new data presentations (Roche, Bayer, Lilly, Vertex, Galderma) and regulatory steps (FDA acceptance of Roche's vamikibart BLA, Scholar Rock's EMA resubmission). The next big catalyst is the ivonescimab FDA PDUFA date on 2026-11-14. Obesity combination studies (REDEFINE 4, TOGETHER-PsO) and the 2027 Maritime-1 completion point to more catalysts ahead. QAIAx's speculative AI-linked trial claims (the QIII pilot, targeted for 2027) are an unrelated micro-cap sideshow with weak evidence, and have little in common with the large-cap pipeline news.
Our read on the data ›
Signals we're tracking
EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
Patterns we're watching ›
Where sources disagree
ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
We flag conflicts openly ›
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