Private company

Muzinich BDC, Inc.

Muzinich BDC, Inc. is an investment fund that raised $205 million in 2019 (SEC Form D).2 It is headquartered in Wilmington, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address450 Park Avenue, New York, Ny 100223
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • Kind of organizationInvestment fund2
  • LEI549300B7E4NVGZ15U2192
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 74414972

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Any amounts so reinvested will not reduce a stockholder’s unfunded capital commitments.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income67-$12.8M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2022: $6.8M$6.8M20222023: $13.7M$13.7M2023+101%2024: $11.9M$11.9M2024−13%2025: -$12.8M-$12.8M2025
Fiscal year202120222023202420252026
Operating expenses$2.4M6$3.6M11$4.5M11
Interest$741.4K6
Net income$6.8M6$13.7M7$11.9M7-$12.8M7
Earnings per share$73.066$95.167$70.417-$75.497
Earnings per share (diluted)$73.066$95.167$70.417-$75.497
Shares (weighted, basic)93.5K shares6144.1K shares7169.1K shares7169.1K shares7
Shares (weighted, diluted)93.5K shares6144.1K shares7169.1K shares7169.1K shares7

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Corporate structure

Muzinich BDC, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Muzinich BDC, Inc.

  • Us Private Debt Scsp Muzinich Filed SC 13D/A on Muzinich BDC, Inc., latest Mar 3, 2023 (2 filings since Nov 19, 2021)
  • Muzinich BDC, Inc. Wilmington, Delaware, United States
    • Muzinich BDC Holdings, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Muzinich BDC, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.6M7 Dec 31, 2025$5.1M7 Dec 31, 2024−29.7%

Properties, in its own words

We do not own any real estate or other properties materially important to our operations. Our principal executive offices are located at 450 Park Avenue, New York, New York 10022. We believe that our office facilities are suitable and adequate for our business as it is currently conducted.

Item 2 of the 10-K filed Mar 27, 2026.5

Leadership

Who has led Muzinich BDC, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey Youle2020–2023

President

  1. Jeffrey Youle2020–2023
  2. Jens J. Ernberg2026–now

Chief financial officer

  1. Paul Fehre2019
  2. Rocco Delguercio2026–now
20202025
Board members and other officers (7)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Muzinich BDC Holdings, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 22, 20268-K Shareholder vote22
  2. Mar 25, 20268-K Executive or director change23
  3. Dec 30, 20258-K Other events24
  4. Sep 17, 20258-K Shareholder vote25
  5. Dec 26, 20248-K Other events26
  6. Sep 17, 20248-K Shareholder vote27
  7. Dec 21, 20238-K Other events28
  8. Sep 20, 20238-K Shareholder vote29
  9. Aug 24, 20238-K Unregistered sale of shares30
  10. Aug 10, 20238-K Entered a material agreement31
  11. Jun 28, 20238-K Unregistered sale of shares32
  12. Mar 1, 20238-K Unregistered sale of shares33
  13. Apr 3, 2020New chief executive Jeffrey Youle becomes CEO12
  14. May 29, 2019Founded Muzinich BDC, Inc. is founded2

Filings

72 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 16 major events, 16 insider forms, 2 large holders, 5 private raises, 13 other. The latest 20:

  1. Sep 22, 20268-K CURRENT REPORT EDGAR
  2. Aug 13, 202610-Q QUARTERLY REPORT EDGAR
  3. Jul 31, 2026DEF 14A EDGAR
  4. Jul 29, 2026D/A EDGAR
  5. Jul 10, 202640-17G/A AMENDMENT NO. 1 TO FORM 40-17G EDGAR
  6. May 28, 2026APP ORDR EDGAR
  7. May 14, 202610-Q QUARTERLY REPORT EDGAR
  8. May 1, 2026APP NTC EDGAR
  9. Apr 2, 20263 EDGAR
  10. Apr 2, 20263 EDGAR
  11. Apr 2, 20263 EDGAR
  12. Mar 27, 202610-K ANNUAL REPORT EDGAR
  13. Mar 25, 20268-K CURRENT REPORT EDGAR
  14. Dec 30, 20258-K CURRENT REPORT EDGAR
  15. Nov 12, 202510-Q QUARTERLY REPORT EDGAR
  16. Sep 30, 202540-17G FIDELITY BOND FILING EDGAR
  17. Sep 17, 20258-K CURRENT REPORT EDGAR
  18. Aug 25, 2025DEF 14A EDGAR
  19. Aug 13, 202510-Q QUARTERLY REPORT EDGAR
  20. Aug 8, 2025D/A EDGAR

The 72 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 12 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 22, 2023FCCI Insurance Co10% ownerBuy4,765$1,075.00$5.1MForm 4
Aug 22, 2023Youle JeffreyCEO and PresidentBuy33$1,075.00$35.9KForm 4
Aug 22, 2023Muzinich US Private Debt, SCSp10% ownerBuy24,538$1,075.00$26.4MForm 4
Jun 26, 2023FCCI Insurance Co10% ownerBuy3,153$1,083.00$3.4MForm 4
Jun 26, 2023Youle JeffreyCEO and PresidentBuy22$1,083.00$23.9KForm 4
Jun 26, 2023Muzinich US Private Debt General Partner, S.a r.l.10% ownerBuy16,238$1,083.00$17.6MForm 4
Feb 28, 2023FCCI Insurance Co10% ownerBuy3,222$1,068.25$3.4MForm 4
Feb 28, 2023Muzinich US Private Debt General Partner, S.a r.l.10% ownerBuy55,539$1,068.25$59.3MForm 4
Feb 28, 2023Youle JeffreyCEO and PresidentBuy87$1,068.25$92.9KForm 4
Sep 15, 2022Muzinich US Private Debt, SCSp10% ownerBuy7,402$1,087.30$8.0MForm 4
Nov 16, 2021Youle JeffreyCEO and PresidentBuy10$1,070.00$11.2KForm 4
Nov 16, 2021Muzinich US Private Debt, SCSp10% ownerBuy7,769$1,070.00$8.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Us Private Debt Scsp MuzinichSC 13D/A, 2 filings Nov 19, 2021 to Mar 3, 202334

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 23, 2019Raised $205 million in a private offering of equity Form D: 71 investors so far Form D

SEC filer profile

How Muzinich BDC, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMuzinich BDC, Inc.1
  • CIK0001779523
  • Employer ID (EIN)84-22004735
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address450 Park Avenue, New York, NY 100221
  • Phone212.888.34131
  • Shares outstanding169,101 as of Aug 13, 202610
  • Public float$0 as of Jun 30, 20257
  • AuditorDeloitte & Touche LLP, New York, NY PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 17, 20191
  • Filings148 in all: 4 (30), 8-K (29), 10-Q (21), 3 (13), 10-K (7), 40-17G (7), D/A (7), DEF 14A (7)1
    All 25 form types

    SC 13D/A (4), 40-APP/A (3), CORRESP (3), 10-12G/A (2), 40-APP (2), SC 13D (2), 10-12G (1), 40-17G/A (1), APP NTC (1), APP ORDR (1), D (1), DEFA14A (1), N-54A (1), N-6F (1), NT 10-Q (1), PRE 14A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jul 31, 2026
    Latest 8-K (8-K) Sep 22, 2026

Risk factors and legal proceedings

The risks Muzinich BDC, Inc. names in Item 1A of its 10-K filed Mar 27, 2026: 57 risks under these headings, as written.5

  • Risks Relating to Our Business and Structure
  • Risks Related to Our Portfolio Company Investments
  • Risks Relating to the Offering and Ownership of Our Common Stock
  • General Risk Factors
  • Prior to our formation, our Adviser and its management had no prior experience managing a BDC.
  • We are dependent upon the management personnel of our Adviser and Muzinich & Co., and their respective abilities to attract and retain talented personnel, for our future success.
  • Our Adviser and its affiliates, officers, investment professionals and employees may have certain conflicts of interest.
  • Even if the value of your investment declines, the Management Fee will still be payable.
  • The Incentive Fee may induce the Adviser to make speculative investments.
  • Our Adviser can resign on 60 days’ notice, and the Resource Sharing Agreement may be terminated on 60 days’ notice. We and/or our Adviser, respectively, may not be able to find a suitable replacement within that time, which could adversely affect our financial condition, business and results of operations.
  • Our Adviser may act in a riskier manner on our behalf than it would when acting for its own account because its responsibilities and liability to us are limited under the Investment Management Agreement.
  • We are subject to regulatory constraints that may significantly reduce our operating flexibility. If we fail to comply with the regulatory requirements applicable to BDCs, we might be regulated as a closed-end investment company, which would subject us to additional regulatory restrictions.
The other 49 risks
  • We will be subject to U.S. federal income tax imposed at corporate rates on all of our income if we are unable to qualify as a RIC under subchapter M of the Code, which would have a material adverse effect on our financial performance.
  • Commodity Futures Trading Commission (“CFTC”) rulemakings and provisions of the Code limit our ability to engage in swap transactions or use derivatives, which may have a negative impact on us and our Adviser.
  • We will incur significant costs as a result of being subject to the Exchange Act.
  • Certain investors will be limited in their ability to make significant investments in us.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Our ability to grow depends on our ability to raise additional capital, which may not be available to us or may only be available on terms that are not favorable to us.
  • We may borrow money and enter into transactions which may magnify the potential for gain or loss and may increase the risk of investing in us.
  • In the future, we may decide to fund a portion of our investments by issuing preferred stock, which would increase our risk profile and magnify the potential for gain or loss.
  • We may form one or more CLOs to finance our investments, the creation of which may subject us to certain structured financing risks.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, subject to the restrictions under the 1940 Act.
  • We have broad discretion over the use of proceeds of the funds we raise from investors, and may use such proceeds in ways with which stockholders may not agree or for purposes other than those contemplated at the time of the capital raise.
  • Controlling stockholders may exert influence over our management and affairs and control votes requiring stockholder approval.
  • Certain provisions of our Certificate of Incorporation, bylaws, and the DGCL could deter takeover attempts.
  • Our investments in the secured debt, unsecured debt, and equity instruments of private companies are very risky and highly speculative, and we could lose all or part of our investment.
  • Unsecured Debt, Including Mezzanine Debt.
  • We incur credit risk when we loan money or commit to loan money to a portfolio company.
  • Investing in middle-market companies involves a number of significant risks.
  • The lack of liquidity in our investments may adversely affect our business.
  • Loan prepayments by our portfolio companies may affect our ability to invest and reinvest available funds in appropriate investments.
  • We are subject to covenant-related risks.
  • By originating loans to companies that are experiencing, or that after our investment experience, significant financial or business difficulties, we may be exposed to distressed lending risks.
  • Our investments in non-U.S. companies may involve significant risks in addition to the risks inherent to investments in U.S. companies.
  • We may invest in instruments with a deferred interest feature, which are subject to unique risks.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • The value of our portfolio securities may not have a readily available market quotation; in such a case, our Adviser, as our valuation designee, will determine the fair value of these investments in good faith under procedures adopted by our Board of Directors, which valuation is inherently subjective and may not reflect what we may actually realize upon sale of the investment.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer, subject to the Diversification Tests in subchapter M of the Code; as a result, our investments may be concentrated in relatively few portfolio companies or market sectors, increasing the risk of volatility in our performance.
  • Our portfolio may be focused in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry.
  • When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and certain decisions made by management of our portfolio companies could negatively impact the value of our investments.
  • Our failure to make follow-on investments in our portfolio companies could dilute our existing investment in such companies or negatively impact the value of our portfolio.
  • We may be exposed to special risks associated with bankruptcy cases involving our portfolio companies.
  • Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.
  • Our portfolio companies may be highly leveraged.
  • Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio.
  • Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.
  • We may experience fluctuations in our quarterly results.
  • We may not be able to pay distributions on our common stock, our distributions may not grow over time, and a portion of our distributions may be a return of capital for U.S. federal income tax purposes.
  • We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.
  • Our common stock is subject to significant transfer restrictions, and an investment in our common stock generally will be illiquid.
  • Beneficial owners of our equity securities may be subject to certain regulatory requirements and filing requirements based on their ownership percentages.
  • Certain investors may be subject to the short-swing profits rules under the Exchange Act as a result of their investment in us.
  • Our stockholders may receive shares of our common stock as dividends, which could result in adverse tax consequences to them.
  • We do not intend to be treated as a “publicly offered regulated investment company,” as defined in the Code; as such, U.S. stockholders that are individuals, trusts or estates may be taxed as though they received a distribution of some of our expenses.
  • Non-U.S. stockholders may be subject to withholding of U.S. federal income tax on dividends we pay.
  • If the current period of capital market disruption and instability continues for an extended period of time, there is a risk that our distributions may not grow over time and a portion of our distributions may constitute a return of capital.
  • We operate in a highly competitive market for investment opportunities.
  • We are exposed to risks associated with changes in interest rates.
  • The capital markets may experience periods of disruption, instability and uncertainty, including at present. Such market conditions may materially and adversely affect debt and equity capital markets in the United States, which may have a negative impact on our business and operations.
  • We and our service providers may be susceptible to cybersecurity risks that may result in financial losses or violations of privacy law.
  • We are subject to risks associated with artificial intelligence and machine learning technology.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. The outcome of any legal or regulatory proceedings cannot be predicted with certainty, and there can be no assurance that any such proceedings, if they are to occur, will have a material adverse effect on our financial condition or results of operations in any future reporting period.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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