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Non-Traded BDC Index - Q4 2023

Q4 Performance Summary

  • Non-Traded BDCs: +3.2%

    • The SKRADD-BDC Index rose 3.2% in Q4 2023.

  • Publicly-Traded BDCs: +5.9%

    • The more volatile public market for BDCs, as represented by the S&P BDC Index, returned 5.9% in the same period.

  • Leveraged Loans: +3.2%

    • Leveraged loans, which share certain characteristics to BDC holdings (i.e., generally floating-rate, non-investment grade loans), displayed high correlation in performance to non-traded BDCs this quarter, with the Morningstar LSTA U.S. Leveraged Loan 100 Index also up 3.2%.

  • Investment-Grade Bonds: +6.2%

    • Fueled by a forecasted shift in Fed policy in favor of rate cuts, bonds returned 6.2% in Q4 as measured by the S&P U.S. Aggregate Bond Index.

  • Altidar High Return: T. Rowe Price OHA Select Private Credit Fund +5.1%

    • Per the fund's 2023 10-K, the value of the BDC's debt investments "generally increased due to tightening spreads and positive valuation adjustments driven by underlying portfolio company performance". As of 12/31/23, the portfolio had a weighted average yield of 12.7% at cost, and no investments on non-accrual status.

  • Altidar Low Return: FS Specialty Lending Fund (f/k/a FS Energy & Power Fund) -2.2%

    • The BDC changed its name at the end of Q3 to reflect a strategy shift away from energy companies towards a broader set of industries. In the Q4 fund commentary, the drop in NAV was primarily attributed to "unrealized depreciation, primarily in select vintage upstream and energy services companies".

Download Q4 Report

For a more in-depth analysis, download the full Q4 update below. This report offers a historical perspective on the index returns, credit benchmark comparisons, and recent performance data for the non-traded BDCs featured on the Altidar platform.

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