BDC first-lien debt valuations increased
but second-lien and subordinated marks fell in 1Q23

Chart

BDC first-lien debt valuations climbed but second-lien and subordinated debt marks fell in 1Q23. The weighted average mark on BDC first-lien debt holdings increased by 25bp, to 96.59% in the most recent quarter. In contrast, second-lien and subordinated debt declined by 18bp and 59bp, respectively, to 91.50% and 94.12%.