Global Credit Weekly

Private credit through the BDC lens

February 5, 2026 | Dominique Bly

Key takeaways

  • Private credit’s growth over the past several years has been well documented. Less appreciated, in our view, is how the market’s access points have evolved alongside that growth, with BDCs playing an increasingly important role in this evolution.
  • We take a closer look at BDCs, starting with how they have grown and evolved. We then explore how the macro backdrop and asset flows have influenced performance, before turning to borrower fundamentals and the sources of dispersion that shape private credit outcomes.

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Author

Dominique Bly
Macro Credit Research Strategist, Private Financing Solutions

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