Leyla Kunimoto

Leyla explicitly states she prefers public BDCs "by far" over private BDCs because she can "enter at a price that they deem good," specifically at a discount to NAV (e.g., 80 cents on the dollar). Public BDCs trade on an exchange, allowing investors to buy at a market-determined discount, whereas private BDCs redeem at NAV. The discount represents an immediate potential return if it closes. Furthermore, public BDCs do not face the structural liquidity pressure of meeting quarterly investor redemptions, unlike private funds. LONG because the discount to NAV offers a clear valuation gap, and the structure avoids the redemption-driven liquidity management issues currently plaguing private funds. The NAV of the BDC could be inaccurate or decline. The discount may persist or widen if market sentiment worsens further.