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Fifth Street Finance (FSC) offers lower fee going forward. We discuss BDC sector’s misdirected incentives and how to fix them.

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As expected, Fifth Street Finance (FSC) offered up a lower fee on new equity raised in future. We are underwhelmed and discuss the bigger picture of the mismatch of the BDC sector's misaligned incentives, and the long term impact on the industry. Unfortunately, greed is likely to win out in short term as the foxes run the hen house.

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