Dawn Fitzpatrick

Fitzpatrick notes that Public BDCs (Business Development Companies) are trading at a ~23% discount to NAV due to fear of private credit contagion. The market is throwing the baby out with the bathwater. While software credit is bad, diversified BDCs are priced as if *all* credit is bad. Buying liquid BDCs at a discount offers a margin of safety and high yield. LONG Publicly Traded BDCs (via ETF or top-tier names). A severe recession causes defaults to spike across all sectors, not just software.

Fitzpatrick notes that Public BDCs (Business Development Companies) are trading at a ~23% discount to NAV due to fear of private credit contagion. The market is throwing the baby out with the bathwater. While software credit is bad, diversified BDCs are priced as if *all* credit is bad. Buying liquid BDCs at a discount offers a margin of safety and high yield. LONG Publicly Traded BDCs (via ETF or top-tier names). A severe recession causes defaults to spike across all sectors, not just software.

Fitzpatrick notes that Public BDCs (Business Development Companies) are trading at a ~23% discount to NAV due to fear of private credit contagion. The market is throwing the baby out with the bathwater. While software credit is bad, diversified BDCs are priced as if *all* credit is bad. Buying liquid BDCs at a discount offers a margin of safety and high yield. LONG Publicly Traded BDCs (via ETF or top-tier names). A severe recession causes defaults to spike across all sectors, not just software.