Asking about where we are in the software sector washout and its impact on private credit, specifically about recognizing winners and losers.

Predicts prolonged systemic impact with elevated redemptions and pressure on structures, noting public BDCs trade at 23% discount while private BDCs must return capital at NAV.

This will pressure secondary sales in private credit, and not all funds are equal - some have disproportionate software exposure.

Software sector undergoing structural rerating that is deserved, requiring homework on underlying exposures.

Investors (endowments, high net worth) are overallocated to private assets, with private equity already cash-flowing and similar issues coming in private credit.