🌍 **PIMCO: What BDC Redemptions and NAV Pressures Mean for Investors**
PIMCO's latest Credit Market Lens notes that redemption requests at non-traded business development companies (BDCs) continue to exceed available liquidity, and warns that unlike the 2023 non-traded REIT episode, BDC net asset values are tied directly to borrowers' ability to service debt.

**Why it matters:** A widening 'confidence gap' between managers' NAV marks sharpens the case for manager selection and diversification beyond direct lending within private credit allocations.
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