Goldman credit strategist: "Less concerning than the BDC equity prices would suggest"

Too pessimistic

The credit strategists at Goldman argue that the selloff in listed BDCs looks overdone relative to what the underlying portfolios actually show.

Since late 2025, BDCs have become a key gauge for private credit sentiment, hit by fears around software exposure, weaker underwriting, AI disruption, and rising redemptions. Despite a rebound, they still trade ~20% below NAV, raising the question of whether markets are too pessimistic.