(https://www.cnbc.com/2026/04/29/with-private-credit-concerns-brewing-ratings-agencies-turn-negative-on-these-little-known-companies.html) are spooking rating agencies, yet BDCs still command a 1.2x book value premium while banks languish at 0.9x. Wall Street's delusional—treating these credit shops like high-growth tech darlings instead of what they really are: glorified leveraged lending operations now caught in regulators' crosshairs.

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