Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The Financial Times (“FT”) reported on the rise in payment in kind (“PIK”) interest at business development companies (“BDC”) yesterday, referencing an analysis by Moody’s. The reporter identified Ares Capital Corporation, one of the stocks in our BDC portfolio, as one of the BDCs with the greatest exposure to PIK interest as a percentage of investment income. It also listed Blue Owl Capital as the BDC with the sixth highest concentration of PIK interest. The Rabid Capitalist cannot confirm the analysis or Moody’s conclusion.
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