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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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September 2, 2026 
Distressed percentage accelerates on BDC loans
For several years in an asset and yield starved market, BDCs stretched up the risk spectrum in an effort to…
Blending Club
First-lien/mezz is the costliest capital structure for sponsors; unitranche is coming down.
Average Unadjusted Leverage Through F&C for M&A-Driven Loan Deals
Contact: Steven Miller
Private Debt Intelligence - 11/18/2019
Direct Lending Fundraising Recovers [wpdm_package id=’30105′] Private debt fundraising kept decreasing in 2019, driven by a fall in mezzanine and…
Where’s the Line Between Senior Stretch and Unitranche?
This week we fearlessly tackle one of the most frequently asked questions in private credit: Namely, where do you draw…
Loan Stats at a Glance - 11/18/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
The Haves and Have-Nots in Leveraged Loans
Issuers in leveraged lending today are divided into three categories: the haves, the have-nots, and the wish-they-hads. With about six…
BDC leverage on the rise, one tool to combat falling Libor
After peaking in December 2018 at over 2.8%, 3-month Libor has since fallen to 1.9% and BDCs are reporting lower…
PE’s tech infatuation
Download PitchBook’s Report here. Tech-focused dry powder has almost doubled since 2016. The latest returns data available is through March of…
Finding the Line: Senior Stretch vs. Unitranche (First of Two Parts)
On a fourteen-hour flight from Seoul, we sat next to the head of a very successful private credit shop. Besides…
Stretch Marks
Leverage for middle market unitranches has matched first-lien large cap leverage.
Finding the Line: Senior Stretch vs. Unitranche (Second of Two Parts)
Speaking of long flights [link], news reached us of an overweight passenger punished for traveling in the main cabin. Or…