BDC

“I just will have a lot of niche strategies that I leave a nickel in so I can push in a dollar later. So for example, I keep a nickel in Fallen Angels. I keep a nickel in these closed-in funds. I keep a nickel in BDCs because when you get a banana peel moment, …”

“The most interesting trend out there that we have to think about is the different versions of permanent capital, and that can be in a waterfront. There's a version of permanent capital that could be partnering or doing something with an insurance company that …”

“We've actually seen one or two of our competitors queue credit capital over the last year or two.”

“I had this debate for years with financial advisors where I'd say, just buy the BDC. Well, my clients don't like it when the stock goes up and down and they don't like the correlation to the market and the volatility. And so we'll do what we do. And stock goes…”

“BDCs originally were created through a congressional act in 1980 as a way to bring capital into private businesses in the United States. The original BDCs back then was more of a venture capital model. It was really only after the great financial crisis that B…”

“One of the issues with private credit is all the returns are predicated at leverage at the fund level. You need fund level leverage to get anyone excited about it. If anyone came out with a unlevered BDC, it would be a yawn, especially after fees.”

“Literally putting in every loan into Claude or ChatGBT to figure out what do they think it is. There has been some mislabeling of concentrations.”

“There's some obvious ones where you see, let's just say public BDCs that own the same club deal, the same loan. One BDC versus another, or two or three versus a fourth BDC, there's a massive variance, in a second lien especially, where you're like, wait, the f…”