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BDC Investing -- Public Access to Private Credit


Business Development Companies (BDCs) are publicly traded private credit lenders. Learn how to read a BDC portfolio, evaluate dividend safety, spot non-accrual deterioration, and build a quality-weighted watchlist. Designed for self-directed investors who want to read a BDC like a credit investor.

Before this course

These cover the assumed background. You can start here anyway — nothing is locked.

Credit Analysis Fundamentals

Lessons in this course

Work through them in order, or jump to whichever fits where you are. Every lesson is free and saves your progress locally.

  1. 01What is a Business Development Company?
  2. 02Reading a BDC's Schedule of Investments
  3. 03NAV and Premium / Discount
  4. 04Yield Decomposition -- Is the Dividend Safe?
  5. 05Non-Accruals -- The #1 Credit Metric
  6. 06Leverage and Regulatory Limits
  7. 07Manager Quality and Alignment
  8. 08Building a BDC Watchlist
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