Leveraged Loan Insight & Analysis – 2/21/2022

BDCs post further NAV gains


BDC earnings season is underway, with funds that have filed to date posting positive performance overall in 4Q21, topping off a strong year for the asset class. BDC earnings climbed in 2021 against a backdrop of robust portfolio company performance and record origination activity.  

BDC origination activity was bolstered by buoyant M&A activity, while portfolio companies saw earnings grow markedly as the economy rebounded from COVID hit 2020.