premium Tier Analysis

The BDC Manual: Avoiding Yield Traps

How to analyze Net Investment Income and Non-Accruals.

DivAgent Research Team
2026-01-10
5 min read

The "First Lien" Safety Net

Not all debt is equal. You want BDCs that hold First Lien Senior Secured debt.

This means if the borrower goes bankrupt, the BDC gets paid first. Avoid BDCs heavy in "Equity" or "Unsecured" debt unless they are top-tier operators like MAIN.

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