BDC Software Exposure A HF friend of mine had his analyst go through the 10-K's of the top 22 public BDCs. The analyst used Pitchbook and Claude to categorize every loan by industry. According to their findings, $OTF had highest software exposure 55% by Pitchbook and 65% by Claude .. not surprising at all. But 2nd biggest exposure to software was $TSLX at 46% by Pitchbook and 57% by Claude .. pretty surprising. Do your own work but transparency is coming to PC one way or another. I don't have positions in either $OTF or $TSLX.

S&P BB+ or Lower Default Rates 1990 8.10% Too much HY owned by SnL's 1991 11.02% 1992 6.10% 2000 6.21% Misallocation of capital in TMT 2001 9.70% 2002 9.35% 2008 3.71% Resi/Comm RE and Fins 2009 9.89% 2010 3.02% Next cycle probably not a repeat of '08 .. my bet would be it looks more like '90