1. BDCs may be entering a dangerous phase; 2. Avoid these risks before it's too late; 3. One BDC stands out as a safe bet.

1. CION Investment Corp. and Chicago Atlantic BDC are undervalued BDCs offering high yields. CION has strong fundamentals and trades at a discount to NAV. 2. Chicago Atlantic BDC, focused on cannabis, has diversified its portfolio and has a clean balance sheet. 3. Despite the headwinds from expected lower interest rates, both BDCs have growth potential and could be good long-term investments.

1. Goldman Sachs BDC has experienced a price drop due to rising non-accrual rates; 2. The company's portfolio is diversified with 92.3% in senior secured debt; 3. The high dividend yield of 13.3% is well-covered by earnings; 4. Future interest rate cuts could improve portfolio quality and NAV growth.

1. Blackstone Secured Lending stands out due to its strong portfolio strategy, low non-accrual rate, and consistent dividend coverage. 2. The BDC prioritizes first lien debt investments, ensuring high repayment priority and diverse industry exposure. 3. BXSL's financials are robust with increasing net investment income and liquidity level. 4. Future interest rate cuts may enhance BXSL's growth potential by making debt financing more affordable for borrowers, improving portfolio quality and expansion opportunities.

1. The author reviews the fundamentals of ARCC and FSK to determine which is better positioned to outperform the other in Q4; 2. The article discusses the initial comparison made at the beginning of 2024 between the two largest BDCs, with a preference for FSK due to its significant discount to NAV; 3. The author reflects on the returns of both companies so far in 2024, noting their almost identical performance.

1. The rising concern over the sustainability of BDC dividends is primarily driven by falling interest rates; 2. Selective investment can help investors maintain attractive BDC dividends; 3. The article shares two important lessons from BDCs that recently cut their base dividends.

1. Crescent Capital BDC has a well-diversified, defensive portfolio with 89.2% first-lien debt and decreasing non-accruals, indicating high portfolio quality. 2. CCAP is sensitive to interest rate cuts due to its floating-rate debt investments, but lower interest expenses and increased market activity could somewhat offset this. 3. Despite potential interest rate cuts, CCAP's dividends remain well-covered, with a strong net investment income per share providing robust dividend coverage.