Tech & software

—

Software exposure

— of universe FV

Most exposed: — at —

— BDCs above 25% software · a common stress threshold

Stress

—

Non accrual heat

— median across reporting BDCs

Highest: — at —

— BDCs above 3% NA · cycle warning band

Cash pressure

—

PIK income reliance

— avg across reporting funds

Highest: — at —

— BDCs above 10% PIK · borrowers conserving cash

Liquidity

non-traded

Redemption gates active

— non traded BDCs currently gating

Of — non traded BDCs we track with gate status

A net-outflow quarter for perpetual non-traded funds

Book value

—

NAV per share

— median QoQ change

Highest: — at —

— median across reporting funds

Earnings

—

Realized + unrealized gains

— realized this quarter

Highest: — at —

— aggregate across funds

Coverage

—

Distribution coverage

— median NII / distributions

Highest: — at —

— reporting funds

Leverage

—

Leverage & asset coverage

— median asset coverage

Highest: — at —

— regulatory floor 150%

Yield

—

Weighted-average yield

— median portfolio yield

Highest: — at —

— income on the portfolio

Concentration

—

Borrower concentration

— median top-10 borrowers

Highest: — at —

— share held in largest borrowers

Duration

—

Debt maturity

— median weighted years

Highest: — at —

— on borrowings

Valuation

—

Public / private mark gap

— median premium / discount to NAV

Highest: — at —

— traded funds only