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Your source for stock market analysis, global macro musings and hedge fund investment strategies. Hosts Julian Klymochko and Michael Kesslering aim to bring you the knowledge and analysis you need to become a more intelligent and wealthier investor
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Monday Nov 24, 2025
Monday Nov 24, 2025
On today’s show we welcome special guest, Kayne Anderson BDC President Frank Karl. Kayne Anderson BDC invests primarily in first lien senior secured loans with a secondary focus on unitranche and split-lien loans to private middle market companies. On the show, we discuss:
- Recent volatility in BDC prices and what is driving NAV discounts
- Credit market conditions amidst talk of “cockroaches” and negative headlines from First Brands and Tricolor
- Characteristics that make core middle market direct lending attractive for investors
- An update on private credit spreads and payment-in-kind loans
- And more!
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