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[@Bonhoeffer_KDS](/creator/twitter/Bonhoeffer_KDS)
"@CedarStResearch Why has $RNRs BV & divy growth been so slow over the past X years (flat) vs. 15%/yr. for $ACGL TIA"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1974238818829041931) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-03T22:23Z 6352 followers, XXX engagements


"@CedarStResearch I was looking @ the wrong re-insurer. For $RNR the 5-yr BV growth & divy growth is 12.5%/yr. Lower than $ACGL but closer at a spread of only 2.5%/yr"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1974241888128393577) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-03T22:35Z 6352 followers, XXX engagements


"You can take a look at long-term XX year (multiple credit cycles) RoE and divy + BV returns efficiency ratios compared to banks long-term gain/loss of principle (% growth/decline of NAV) to separate the wheat from the chaff. If you filter using these metrics you can narrow the field to a few well underwritten BDCs"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1977407471384756246) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-12T16:14Z 6352 followers, 1782 engagements


"Who are the insurers who focus on investing as well as underwriting The list so far I can think of includes: $BRK $MKL & $FFH.TO. TIA"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1931496565996216714) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-06-07T23:40Z 6352 followers, 4762 engagements


"@CedarStResearch Why do you think $FFH.TO has not had increasing T/BV over the past 5/10 years like every other insurance firm Is its BV more volatile"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1974887842783641993) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-05T17:22Z 6352 followers, XXX engagements


"@colarion Many are. If I am not mistaken $TSLX has the only former commercial banking underwriting team running a BDC. There is some spill over into other BDCs like $FDUS and a few who come from accounting backgrounds like $MAIN"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1977357127078256777) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-12T12:54Z 6350 followers, XXX engagements


"$FDUS $ARCC & $BXSL (but does not have a 10-yr track record at this point). $MAIN is also good but trades at a decent premium. $HTCG is also interesting for tech exposure/upside. I dont like using discount to NAV as in many cases you dont know what NAV is. I focus on the ones where I can asses NAV pretty good then apply div yield discount analysis. Where I have erred in the past is in estimating NAV stability with $OCSL for example"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1977417825774903632) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-12T16:55Z 6352 followers, XXX engagements


"@AskeladdenTX How do you assess credit union competition targeting the high end subprime customers with lower rates & not having to pay tax"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1979315141629087813) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-17T22:34Z 6352 followers, XXX engagements


"@AskeladdenTX If you use perplexity and search on: credit union lending to deep subprime customers there are some examples"  
[X Link](https://x.com/Bonhoeffer_KDS/status/1979389981308092577) [@Bonhoeffer_KDS](/creator/x/Bonhoeffer_KDS) 2025-10-18T03:32Z 6352 followers, XXX engagements