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"We are expecting mixed results from the BDCs this quarter. On the positive front, operating ROEs should improve as the BDCs are finally starting to benefit from rising rates as the lag in rate resets begin to flow through 3Q22 earnings. This trend will continue into 4Q22 and 2023. However, there are also two headwinds for the BDCs this quarter. Loan prices continued to fall in 3Q22 which will put technical pressure on the BDCs’ book values. Additionally, we are seeing a fundamental deterioration in middle market companies as indicated by an earnings decline in the Golub Altman Index. This is an indication that credit quality will start to show signs of stress in the quarter. The BDCs are undervalued from a historical standpoint so expectations are not high for the group heading into the quarter but results could be bumpy. We remain defensively focused with our top picks: ARCC, GBDC, OCSL, and TSLX."