Expert Call Recap/Transcript: Private Credit & BDCs with Nicholas Marshi

Research evidence excerpt

Expert Call Recap/Transcript: Private Credit & BDCs with Nicholas Marshi

Insights with Experts

June 16, 2026

USA | Consumer Finance

EXPERT STUDIESExpert Call Recap/Transcript: Private Credit &

BDCs with Nicholas Marshi GUEST SPEAKER

We recently hosted an expert call with Nicholas Marshi, founder of BDC Nicholas Marshi

Investment Advisors. Topics included: current state of BDCs and private credit Founder of The BDC Reporter,

the leading publication on publicmarkets; valuation dislocation vs. underlying fundamentals; credit quality trends business development companies.

and bifurcation across managers; software exposure risks and refinancing Mr. Marshi has been involved

outlook; capital allocation and various other topics. See key topics / discussion with private credit for nearly four

decades and is the President andbelow. Transcript below and replay link. Chief Investment Officer of BDC

Investment Advisors (BDCIA).

Sector Sentiment & Valuation Disconnect

HOSTED BY

BDC equities have undergone a sharp drawdown, significantly outpacing any deterioration in• John Hecht

fundamentals.

Managing Director - Consumer Returns have been pressured by spread compression, lower base rates, and higher funding• Finance & Fintech Analyst

costs, but pricing implies a more severe downturn than currently evident in credit metrics

- specifically as investors have become concerned about the potential risk of AI to legacy David Chiaverini

software businesses. Managing Director - Banks Analyst

Credit Remains Stable, but Increasingly Bifurcated Dan Fannon

Core credit performance is still broadly “normal” (non-accruals, losses, underperformers not Managers and Exchanges Analyst• Managing Director - Brokers, Asset

flashing systemic stress).