The Risks of Direct Lending and Loans to Companies

default rates in the public markets are higher. They're at around 2.2% in both the bond market and the loan market, which is a two-year high for those metrics. I expect that we will see a default rate that's $2.5 at least at the low end of those ranges towards the end of the year. The fact that floating rate borrowers are paying so much interest right now on their debt is going to influence that.