Report|30 Jun 2026

Macro Pulse U.S.: BDCs Lag REITs as AI Risk Weighs on Software Exposure

Real estate investment trust (REIT) stocks have sharply outperformed business development company (BDC) shares in recent months, highlighting how perceived shocks are shaping risk appetite across income-oriented vehicles.

In the latest 3 Things in Credit, KBRA’s Chief Markets Strategist Van Hesser examines the widening REIT-BDC gap, the relationship between rates and oil, and three thresholds that could change the credit backdrop. Listen to Van Hesser’s insights on: Apple Podcasts | YouTube Music | Spotify or visit kbra.com/macrocredit

The equity…

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