Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Business development companies (“BDC”) continue to face limited competition from the banks. While regional lenders have moved to the sidelines, the large banks have chosen to cooperate, rather than compete, with the BDCs. The prospects for our BDC portfolio, which has generated strong results since inception, have become brighter as a result.
Bank lending has stagnated. The regional lenders have curtailed their activities to a degree. The large banks have shifted their focus from corporate lending to funding nondepository financial institutions, including private equity, private credit and BDC clients.
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