According to @lisaabramowicz1, private credit is taking a big hit from its software exposure, citing Barclays as the source. Barclays data shows software now accounts for about 20% of BDC investments, up from around 10% in 2016, source: Barclays via @lisaabramowicz1. Given this concentration reported by Barclays via @lisaabramowicz1, traders in BDC equities and loans should closely track portfolio updates for software-related non accruals and realized losses.