<p>随着私人信贷在机构投资组合和公共市场中越来越受到关注，越来越多的收入投资者将目光投向商业发展公司（BDCs），希望通过这一资产类别获取高收益和防御性特征。由于浮动利率贷款仍在产生强劲回报，而传统贷款机构如地区银行正在收缩，BDCs 目前处于有利位置，至少在现在是如此。</p>
<p>但并非所有的 BDCs 都是平等的。尽管该领域的头条收益率常常超过 11%，但在承销质量、投资组合构建和抵御信贷压力上存在很大差异。在这种环境下，内部人士购买自己公司股票的行为，成为了耐久性和长期价值最明确的信号之一。</p>
<p>最近几个月，三家 BDC，Nuveen Churchill Direct Lending Corp.（NCDL）、Barings BDC（BBDC）和 Oaktree Specialty Lending（OCSL），都出现了明显的内部购买增加。这一活动发生在投资者开始审视股息支付的可持续性、基础贷款的质量以及未来利率下降的潜在影响之际。</p>
<p>在过去五年中，私人信贷一直是资产管理行业增长最快的细分市场，而 2024 年是一个重要的转折点。由于美联储将短期利率维持在二十多年来的最高水平，银行贷款机构从中型市场和赞助商支持的交易中撤回，私人信贷经理填补了这一空白。特别是那些具备规模、机构支持和发起能力的 BDC，贷款量、交易定价能力和利息收入都出现了显著增长。</p>
<p>这导致 BDC 的收益出现了辉煌的增长。浮动利率贷款的重新定价上升，融资成本保持相对稳定，净投资收入（NII）在整个行业中激增。大多数公共 BDC 的股息覆盖比率仍然稳健，净资产价值（NAV）也基本保持稳定，尤其是那些以高级贷款为主的投资组合。</p>
<p>但未来有转变的迹象。贷款需求依然强劲，但承销标准正在收紧。许多在 2021-2022 年期间积极借贷的投资组合公司面临以显著更高的利率进行再融资的压力。利息覆盖比率正在下降，尽管按历史标准来看违约风险仍然较低，但正在上升。信贷质量变得比以往任何时候都更为重要，下一阶段的回报可能来自于有纪律的贷款结构，而不仅仅是基准利率的上升。</p>
<p>再加上对美联储可能在 2025 年底开始放松货币政策的日益预期，情况变得更加复杂。随着浮动利率收入开始正常化，完全依赖利率驱动的收益增长的 BDC 可能会在维持股息方面面临困难。那些投资组合稳健、交易流动性强、管理层与股东之间高度一致的公司更有可能应对接下来的挑战。</p>
<p>在这种变化的环境中，内部人士的行为可以提供罕见的清晰度。与分析师或外部投资者不同，内部人士对贷款表现、借款人对话和信贷管道动态有直接的了解。当他们用个人资本购买股票时，往往反映出对基础价值和公司在更具挑战性的市场中提供回报能力的更深信心。</p>
<p>这就是为什么 NCDL、BBDC 和 OCSL 最近的活动值得关注。</p>
<p><strong>Nuveen Churchill Direct Lending Corp. NCDL</strong></p>
<p>作为由机构巨头 Nuveen 推出的公共投资工具，NCDL 代表了 Churchill 资产管理平台的公共面向。NCDL 专注于向上中型市场公司提供第一留置权、直接发起的贷款，许多公司由私募股权赞助商支持，NCDL 在公共 BDC 领域带来了保守的信贷承销。</p>
<p>自 3 月以来，几位高管开始购买股票，因为该股的交易价格略低于净资产价值。在当前水平下，NCDL 的收益率超过 12%，这一水平反映了其浮动利率贷款组合的强劲表现以及内部人士似乎急于缩小的市场折扣。该公司获得 TIAA 的支持，进一步增强了在投资者信任至关重要的行业中的稳定性和可信度。</p>
<p><strong>Barings BDC BBDC</strong></p>
<p>BBDC 由全球最大的信贷投资公司之一 Barings LLC 管理，受益于其深厚的发起网络、风险管理基础设施和交易渠道。该投资组合仍然倾向于第一留置权担保贷款，具有显著的多元化行业敞口和审慎杠杆的历史。</p>
<p>在 4 月和 5 月，随着 BBDC 的股价漂移至大约 10% 的净资产折扣，内部购买显著增加。董事和高管通过公开市场购买股票，清楚表明他们认为此次抛售与公司的基本面脱节。当前股息收益率超过 11%，信用指标稳定，BBDC 提供了收入和一致性——在波动的利率环境中，这是一种罕见的组合。</p>
<p><strong>Oaktree Specialty Lending OCSL</strong></p>
<p>OCSL 可能是公共市场上被低估的 BDC 之一，但它具有重要的背景：Oaktree Capital Management 的支持，该公司在困境债务和机会信贷方面拥有数十年的经验。这种基因在 OCSL 的投资组合构建中显而易见，始终强调赞助商支持的高级担保贷款，具有强大的契约和有限的周期性尾部风险敞口。</p>
<p>OCSL 的交易价格略低于账面价值，收益率接近 12%，但或许更重要的是，内部人士在过去两个季度稳步增持股份。在一个风险和承销纪律至关重要的信贷环境中，Oaktree 的做法——以及其管理层愿意投资于自己的工具——为长期投资者提供了一个引人注目的案例。</p>
<p>私人信贷的繁荣创造了机会，但也加大了风险。随着如此多的公共和私人机构现在竞争中型市场贷款，承销标准和定价纪律将决定谁将在下一个周期中表现优异。</p>
<p>对于投资者来说，这意味着要超越收益筛选，关注对齐情况。特别是内部人士的买入，提供了一个罕见的窗口，让人们看到管理团队对每日查看投资组合数据的信心。在透明度有限且信用风险往往不明朗的 BDC 中，几乎没有比这更明确的信号了。</p>
<p>在 NCDL、BBDC 和 OCSL 的案例中，这一信号正在闪烁。在一个成熟的信贷周期中，这可能是最重要的信号之一。</p>

BBDC

<p>随着私人信贷的兴起，收入投资者正转向商业发展公司（BDCs）以寻求高收益。Nuveen Churchill Direct Lending Corp.、Barings BDC 和 Oaktree Specialty Lending 等 BDC 的内部人士购买行为表明他们对长期价值的信心。尽管盈利强劲且股息稳定，但收紧的承销标准和上升的违约风险成为新兴的担忧。内部人士的购买反映了他们在应对未来挑战方面的信心，尤其是在美联储可能在 2025 年底前放松货币政策的背景下。拥有韧性投资组合和强大管理对齐的 BDC 在不断变化的市场中处于更有利的位置</p>

<p>As private credit continues to gain traction in institutional portfolios and the public markets, a growing number of income investors are looking to Business Development Companies (BDCs) as a way to capture the asset class's high yields and defensive characteristics. With floating-rate loans still generating strong returns and traditional lenders like regional banks retrenching, BDCs are in a favorable position, at least for now.</p>
<div class="lb-trans"><p>随着私人信贷在机构投资组合和公共市场中越来越受到关注，越来越多的收入投资者将目光投向商业发展公司（BDCs），希望通过这一资产类别获取高收益和防御性特征。由于浮动利率贷款仍在产生强劲回报，而传统贷款机构如地区银行正在收缩，BDCs 目前处于有利位置，至少在现在是如此。</p>
</div><p>But not all BDCs are created equal. While headline yields across the space routinely exceed 11%, there's a wide divergence in underwriting quality, portfolio construction, and resilience to rising credit stress. In that environment, insider buying, executives and directors purchasing shares in their own firms, is emerging as one of the clearest signals of durability and long-term value.</p>
<div class="lb-trans"><p>但并非所有的 BDCs 都是平等的。尽管该领域的头条收益率常常超过 11%，但在承销质量、投资组合构建和抵御信贷压力上存在很大差异。在这种环境下，内部人士购买自己公司股票的行为，成为了耐久性和长期价值最明确的信号之一。</p>
</div><p>In recent months, three BDCs, Nuveen Churchill Direct Lending Corp. (NCDL), Barings BDC (BBDC), and Oaktree Specialty Lending (OCSL), have all seen a marked uptick in insider purchases. That activity comes at a time when investors are beginning to scrutinize the sustainability of dividend payouts, the quality of underlying loans, and the potential effects of an eventual decline in interest rates.</p>
<div class="lb-trans"><p>最近几个月，三家 BDC，Nuveen Churchill Direct Lending Corp.（NCDL）、Barings BDC（BBDC）和 Oaktree Specialty Lending（OCSL），都出现了明显的内部购买增加。这一活动发生在投资者开始审视股息支付的可持续性、基础贷款的质量以及未来利率下降的潜在影响之际。</p>
</div><p>Private credit has been one of the fastest-growing segments of the asset management industry over the past five years, and 2024 was a watershed moment. With the Federal Reserve holding short-term interest rates at their highest level in over two decades and bank lenders pulling back from middle-market and sponsor-backed deals, private credit managers filled the void. BDCs, particularly those with scale, institutional backing, and origination capabilities, saw a sharp increase in loan volume, deal pricing power, and interest income.</p>
<div class="lb-trans"><p>在过去五年中，私人信贷一直是资产管理行业增长最快的细分市场，而 2024 年是一个重要的转折点。由于美联储将短期利率维持在二十多年来的最高水平，银行贷款机构从中型市场和赞助商支持的交易中撤回，私人信贷经理填补了这一空白。特别是那些具备规模、机构支持和发起能力的 BDC，贷款量、交易定价能力和利息收入都出现了显著增长。</p>
</div><p>The result has been a banner stretch for BDC earnings. Floating-rate loans have re-priced higher, funding costs have remained relatively contained, and net investment income (NII) has surged across the sector. Dividend coverage ratios remain solid for most public BDCs, and NAVs have been largely stable, especially for those with senior-heavy portfolios.</p>
<div class="lb-trans"><p>这导致 BDC 的收益出现了辉煌的增长。浮动利率贷款的重新定价上升，融资成本保持相对稳定，净投资收入（NII）在整个行业中激增。大多数公共 BDC 的股息覆盖比率仍然稳健，净资产价值（NAV）也基本保持稳定，尤其是那些以高级贷款为主的投资组合。</p>
</div><p>But there are signs of transition ahead. Loan demand remains strong, but underwriting standards are tightening. Many portfolio companies that borrowed aggressively in 2021–2022 are facing refinancing at significantly higher rates. Interest coverage ratios are declining, and default risk, while still low by historical standards, is rising. Credit quality is becoming more important than ever, and the next phase of returns will likely come from disciplined loan structuring, not just rising base rates.</p>
<div class="lb-trans"><p>但未来有转变的迹象。贷款需求依然强劲，但承销标准正在收紧。许多在 2021-2022 年期间积极借贷的投资组合公司面临以显著更高的利率进行再融资的压力。利息覆盖比率正在下降，尽管按历史标准来看违约风险仍然较低，但正在上升。信贷质量变得比以往任何时候都更为重要，下一阶段的回报可能来自于有纪律的贷款结构，而不仅仅是基准利率的上升。</p>
</div><p>Add to this the growing expectation that the Fed may begin easing monetary policy in late 2025, and the picture becomes more nuanced. As floating-rate income begins to normalize, BDCs that relied solely on rate-driven earnings growth may struggle to maintain dividends. Those with resilient portfolios, sticky deal flow, and strong alignment between management and shareholders are better positioned to navigate what comes next.</p>
<div class="lb-trans"><p>再加上对美联储可能在 2025 年底开始放松货币政策的日益预期，情况变得更加复杂。随着浮动利率收入开始正常化，完全依赖利率驱动的收益增长的 BDC 可能会在维持股息方面面临困难。那些投资组合稳健、交易流动性强、管理层与股东之间高度一致的公司更有可能应对接下来的挑战。</p>
</div><p>In this shifting environment, insider behavior can offer rare clarity. Unlike analysts or outside investors, insiders have direct visibility into loan performance, borrower conversations, and credit pipeline dynamics. When they buy stock with personal capital, it often reflects a deeper confidence in the underlying value and the firm's ability to deliver returns in a more challenging market.</p>
<div class="lb-trans"><p>在这种变化的环境中，内部人士的行为可以提供罕见的清晰度。与分析师或外部投资者不同，内部人士对贷款表现、借款人对话和信贷管道动态有直接的了解。当他们用个人资本购买股票时，往往反映出对基础价值和公司在更具挑战性的市场中提供回报能力的更深信心。</p>
</div><p>That's what makes the recent activity at NCDL, BBDC, and OCSL worth noting.</p>
<div class="lb-trans"><p>这就是为什么 NCDL、BBDC 和 OCSL 最近的活动值得关注。</p>
</div><p><strong>Nuveen Churchill Direct Lending Corp. NCDL</strong></p>
<div class="lb-trans"><p><strong>Nuveen Churchill Direct Lending Corp. NCDL</strong></p>
</div><p>Launched as a public vehicle by institutional powerhouse Nuveen, NCDL represents the public-facing arm of the Churchill Asset Management platform. With a focus on first-lien, directly originated loans to upper middle-market companies, many backed by private equity sponsors, NCDL brings conservative credit underwriting to the public BDC arena.</p>
<div class="lb-trans"><p>作为由机构巨头 Nuveen 推出的公共投资工具，NCDL 代表了 Churchill 资产管理平台的公共面向。NCDL 专注于向上中型市场公司提供第一留置权、直接发起的贷款，许多公司由私募股权赞助商支持，NCDL 在公共 BDC 领域带来了保守的信贷承销。</p>
</div><p>Since March, several executives have stepped in to purchase shares as the stock traded modestly below net asset value. At current levels, NCDL yields more than 12%, a level that reflects both the strength of its floating-rate loan book and a market discount that insiders appear eager to close. The firm's backing by TIAA adds further stability and credibility in a sector where investor trust is paramount.</p>
<div class="lb-trans"><p>自 3 月以来，几位高管开始购买股票，因为该股的交易价格略低于净资产价值。在当前水平下，NCDL 的收益率超过 12%，这一水平反映了其浮动利率贷款组合的强劲表现以及内部人士似乎急于缩小的市场折扣。该公司获得 TIAA 的支持，进一步增强了在投资者信任至关重要的行业中的稳定性和可信度。</p>
</div><p><strong>Barings BDC BBDC</strong></p>
<div class="lb-trans"><p><strong>Barings BDC BBDC</strong></p>
</div><p>BBDC is managed by Barings LLC, one of the largest global credit investment firms, and benefits from its deep origination networks, risk management infrastructure, and deal access. The portfolio remains tilted toward first-lien secured loans, with significant exposure to diversified sectors and a history of prudent leverage.</p>
<div class="lb-trans"><p>BBDC 由全球最大的信贷投资公司之一 Barings LLC 管理，受益于其深厚的发起网络、风险管理基础设施和交易渠道。该投资组合仍然倾向于第一留置权担保贷款，具有显著的多元化行业敞口和审慎杠杆的历史。</p>
</div><p>In April and May, as BBDC's share price drifted to a roughly 10% discount to NAV, insider buying picked up considerably. Directors and executives stepped in with open-market purchases, a clear sign they viewed the selloff as disconnected from the company's fundamentals. With a current dividend yield above 11% and stable credit metrics, BBDC offers both income and alignment—a rare combination in a volatile rate environment.</p>
<div class="lb-trans"><p>在 4 月和 5 月，随着 BBDC 的股价漂移至大约 10% 的净资产折扣，内部购买显著增加。董事和高管通过公开市场购买股票，清楚表明他们认为此次抛售与公司的基本面脱节。当前股息收益率超过 11%，信用指标稳定，BBDC 提供了收入和一致性——在波动的利率环境中，这是一种罕见的组合。</p>
</div><p><strong>Oaktree Specialty Lending OCSL</strong></p>
<div class="lb-trans"><p><strong>Oaktree Specialty Lending OCSL</strong></p>
</div><p>OCSL may be one of the more underappreciated BDCs in the public market, but it brings a critical pedigree: the backing of Oaktree Capital Management, a firm with decades of experience in distressed debt and opportunistic credit. That DNA is evident in OCSL's portfolio construction, which has consistently emphasized sponsor-backed, senior-secured loans with robust covenants and limited exposure to cyclical tail risk.</p>
<div class="lb-trans"><p>OCSL 可能是公共市场上被低估的 BDC 之一，但它具有重要的背景：Oaktree Capital Management 的支持，该公司在困境债务和机会信贷方面拥有数十年的经验。这种基因在 OCSL 的投资组合构建中显而易见，始终强调赞助商支持的高级担保贷款，具有强大的契约和有限的周期性尾部风险敞口。</p>
</div><p>OCSL trades just under book value and yields nearly 12%, but perhaps more importantly, insiders have been steadily accumulating shares over the past two quarters. In a credit environment where risk and underwriting discipline are paramount, Oaktree's approach—and its management's willingness to buy into their own vehicle—offers a compelling case for long-term investors.</p>
<div class="lb-trans"><p>OCSL 的交易价格略低于账面价值，收益率接近 12%，但或许更重要的是，内部人士在过去两个季度稳步增持股份。在一个风险和承销纪律至关重要的信贷环境中，Oaktree 的做法——以及其管理层愿意投资于自己的工具——为长期投资者提供了一个引人注目的案例。</p>
</div><p>The private credit boom has created opportunity—but also heightened risk. With so many public and private vehicles now competing for middle-market loans, underwriting standards and pricing discipline will determine who outperforms in the next chapter of the cycle.</p>
<div class="lb-trans"><p>私人信贷的繁荣创造了机会，但也加大了风险。随着如此多的公共和私人机构现在竞争中型市场贷款，承销标准和定价纪律将决定谁将在下一个周期中表现优异。</p>
</div><p>For investors, that means going beyond yield screens and paying attention to alignment. Insider buying, in particular, offers a rare window into the confidence of management teams that see the portfolio data daily. In BDCs \,where transparency is limited and credit risk is often opaque there are few clearer signals.</p>
<div class="lb-trans"><p>对于投资者来说，这意味着要超越收益筛选，关注对齐情况。特别是内部人士的买入，提供了一个罕见的窗口，让人们看到管理团队对每日查看投资组合数据的信心。在透明度有限且信用风险往往不明朗的 BDC 中，几乎没有比这更明确的信号了。</p>
</div><p>In the cases of NCDL, BBDC, and OCSL, that signal is flashing. And in a maturing credit cycle, it may prove to be one of the most important ones to follow.</p>
<div class="lb-trans"><p>在 NCDL、BBDC 和 OCSL 的案例中，这一信号正在闪烁。在一个成熟的信贷周期中，这可能是最重要的信号之一。</p>
</div>

Alpha Buying: What Insiders Are Buying in Private Credit Right Now — And Why It Matters

- 私人信贷在机构投资组合中日益受到关注，BDCs 成为高收益投资选择。  
- 三家 BDC（NCDL、BBDC、OCSL）近期内出现显著的内部购买活动。  
- 内部购买反映出管理层对公司长期价值和市场表现的信心。

Alpha 购买：内部人士目前在私人信贷领域购买什么——以及为什么这很重要