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Quotes from the news wire:
Our portfolio has evolved in a more conservative direction for a couple of years now and that will continue as we position against the credit cycle, our approach has evolved to focus on first-lien and senior secured debt. We are cautious on second lien and staying away from mezzanine.
– Todd Owens
But it's not clear that it makes it easier for others, if the window has opened, it has not opened a lot.
The successful completion of the Goldman Sachs BDC IPO is a good sign of an industry continuing to grow and institutionalize. I see the Goldman IPO through that prism.
Joint ventures continue to be an important focus for us. It's very attractive from a return standpoint. This will be an interesting topic as the BDC industry as a whole thinks about the ways incremental leverage can be added, and against which assets.
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