Mar 21, 2026, 2:47 AM ETCION, HRZN, MRCC, OBDC, FSK, TCPC, HTGCADS AnalyticsInvesting Group LeaderCommentsSummaryWe take a look at the action in business development companies through the second week of March and highlight some of the key themes we are watching.The BDC sector underperformed amid market volatility, with CION notably weak due to a -5.1% Q4 total NAV return.Median BDC valuations remain in distressed territory, only historically lower during recessions.Redemption pressures and fund gating in private credit are driving some investors to rotate into discounted publicly traded BDCs.MRCC sweetened its merger offer with HRZN by announcing a special $0.61/share distribution and plans for supplemental payouts post-merger.Systematic Income members get exclusive access to our real-world portfolio. See all our investments