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In the article I analyze insider buying activity and acquisition trends across multiple BDCs. The overarching conclusion provides yet another supportive element to my structural BDC bull case. Apart from the macro-level view, I share two key (more nuanced) takeaways which have crystallized from the insider transaction activity of these 20 BDCs.

BDCs have fallen out of favor. Given the elevated risks (at least as suggested by headlines), most durable income investors consider only top-quality BDC picks. While this coincides with my philosophy, the issue is that the return potential is automatically lower here.

Morgan Stanley Direct Lending Fund is upgraded from hold to buy due to an unusually attractive valuation despite portfolio concerns. MSDL trades at a 30% discount to NAV, offering a compelling entry point versus peers like BXSL with a smaller discount. Risks include rising underperforming assets, declining interest income, and a dividend not fully covered by net investment income.

NEW YORK--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL”), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the first quarter ended March 31, 2026, on Thursday, May 7, 2026, after the market closes. MSDL will host a conference call at 10:00 am ET on Friday, May 8, 2026, to review its financial…

In Q1, the narrative that we had at the start of the year has completely changed. The market has stopped chatting about new record highs and started to dig deep to find areas of shelter. The 11%+ yield territory is probably the last thing that would come to retirement income investors' minds when thinking about protection.