We show that business development companies (BDCs)—closed-end funds that provide a
significant share of nonbank loans to middle market firms—are very well capitalized …

This paper examines the interaction between private debt and bank debt in corporate
borrowing. Combining administrative bank loan-level data with non-bank private debt deals …

I study how a firm's organizational structure impacts capital allocation within the booming
private debt industry. Focusing on business development companies (BDCs), important …