Posts by THE LEAD
The OG of Private Credit: Par for the Course
What is a loan worth? At its core, a loan’s value is driven by two forces: credit risk (the likelihood the borrower repays) and market risk…
Read MoreValue Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit…
Read MoreAt Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing…
Read MoreThe OG of Private Credit: By Default
Beyond structural pressures, liquidity mismatches, and conflation with large cap strategies, the most fundamental question for any credit investor: What is the actual risk of losing money?
Read MoreMiddle Market Deal Terms at a Glance – April 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Read MoreQueue Here
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information,…
Read MoreThe OG of Private Credit: The Liquidity Mirage
The word “private” in private credit signifies not just “non-public,” but “non-traded.”
Read MoreThe OG of Private Credit: You Are What You Eat
In private credit, the character of your deal sourcing determines the destiny of your portfolio.
Read MoreEx Uno, Plures
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and…
Read MoreThe OG of Private Credit: (Smaller) Size Matters
As we highlighted last week, the zero-rate period post-GFC allowed private equity firms to buy companies with higher leverage and sell them at higher multiples.
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