# Swoopr Investment: Private Credit Direct Lending
# Scoped content manifest for LLM agents and web crawlers.
# Generated: 2026-10-09
# 13 pages in this section.
# Root index: https://www.getswoopr.com/llms.txt

## Private Credit & Direct Lending

- [Private Credit & Direct Lending](https://www.getswoopr.com/private-credit-direct-lending/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending.md)): Private credit is lending by non-bank institutions to businesses at floating rates. This guide covers direct lending, BDCs, private debt strategies, risks, and how to evaluate managers.
- [How to Analyze a BDC: NAV, NII](https://www.getswoopr.com/private-credit-direct-lending/business-development-companies/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/business-development-companies.md)): Learn how to analyze a publicly traded business development company using NAV, NII, non-accruals, PIK income, leverage, fees, dividend coverage and premium or discount to NAV.
- [Direct Lending in Practice](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-in-practice-worked-example-and-portfolio-context/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-in-practice-worked-example-and-portfolio-context.md)): Step-by-step analysis of a publicly traded BDC: NAV vs market price, net investment income yield, portfolio quality metrics, 10% default stress test, and comparison to public high-yield after fees.
- [Direct Lending: Key Alternatives](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-key-alternatives-and-tradeoffs/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-key-alternatives-and-tradeoffs.md)): BDCs vs private credit funds vs CLOs, senior secured vs unitranche vs mezzanine, direct lending vs high-yield bonds, floating vs fixed rate, and first-lien vs second-lien in bankruptcy.
- [Direct Lending Risks, Failure Modes](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-risks-failure-modes-and-common-mistakes/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-risks-failure-modes-and-common-mistakes.md)): The real risks in direct lending: illiquidity at the worst time, credit cycle exposure, mark-to-model opacity, PIK interest as a warning sign, BDC NAV reliability, and regulatory change risk.
- [Direct Lending: What It Is & Why Investors Care](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-what-it-is-and-why-investors-care/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/direct-lending-what-it-is-and-why-investors-care.md)): Direct lending is non-bank loans to middle-market companies at SOFR plus 500 to 700 basis points, senior secured. Learn how BDCs work, why it grew post-2008, and how yields compare to public high-yield bonds.
- [How to Evaluate Direct Lending](https://www.getswoopr.com/private-credit-direct-lending/how-to-evaluate-direct-lending-a-swoopr-decision-framework/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/how-to-evaluate-direct-lending-a-swoopr-decision-framework.md)): A five-step framework for evaluating direct lending investments: manager track record, portfolio diversification, leverage, fee structure, and downside stress testing with a worked BDC example.
- [How to Evaluate Private Debt Strategies](https://www.getswoopr.com/private-credit-direct-lending/how-to-evaluate-private-debt-strategies-a-swoopr-decision-framework/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/how-to-evaluate-private-debt-strategies-a-swoopr-decision-framework.md)): Five-step framework for evaluating private debt: strategy type and risk tier, liquidity terms, accredited investor access, net return after fees and taxes, and portfolio weight limits. Includes a worked 5% allocation example.
- [Private Credit Due Diligence](https://www.getswoopr.com/private-credit-direct-lending/private-credit-due-diligence/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/private-credit-due-diligence.md)): Private credit is privately negotiated lending by nonbank investors or funds, often to companies that do not borrow through public bond markets. The...
- [Private Debt Strategies in Practice](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-in-practice-worked-example-and-portfolio-context/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-in-practice-worked-example-and-portfolio-context.md)): Worked example: $500k portfolio, 5% ($25k) BDC allocation. Calculates yield impact, liquidity stress test, compares BDC vs high-yield bond ETF, and shows net annual income difference after fees and taxes.
- [Private Debt Strategies](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-key-alternatives-and-tradeoffs/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-key-alternatives-and-tradeoffs.md)): Compare direct lending vs mezzanine vs distressed debt, interval funds vs BDCs vs traditional private funds, evergreen vs closed-end, and secured vs unsecured private credit structures.
- [Private Debt Strategies: Risks](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-risks-failure-modes-and-common-mistakes/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-risks-failure-modes-and-common-mistakes.md)): Seven core risks in private debt: overallocation to illiquid assets, yield chasing into subordinated structures, redemption gate risk, vintage year concentration, complexity hiding risk, survivorship bias, and fee compression eroding returns.
- [Private Debt Strategies](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-what-it-is-and-why-investors-care/) ([Markdown](https://www.getswoopr.com/private-credit-direct-lending/private-debt-strategies-what-it-is-and-why-investors-care.md)): Private debt spans mezzanine, distressed, real estate debt, infrastructure debt, and specialty finance. Learn why institutional allocators use it, what return premiums to expect, and how it differs from direct lending.