Todd Owens

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.

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.