Because of my desire to diversify myself, I have a relatively large number of BDC companies (about 20-25), with a target of approximately equal weightings in each. So, name one and I likely have a position in it. They are part of my overall diversified portfolio, but if I had to define them as an asset class, they don't constitute a huge part of my overall portfolio (maybe 5%, +/-?)
I also have a few 'baby bonds'/preferred issues of the BDCs, and many of those are defined maturity issues with about 2-8 years remaining until maturity (as opposed to 'perpetual' ones like many companies issue). With some of the debt/preferreds from the BDCs, you can get yields of about 6%-7% for just a 5 to 8 year bond. There is some risk as with any other, but I'm willing to take a little of that for the asset coverage.