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The Lead: The Price of Admission
Next time you are in Barcelona, stop at the Dow Jones Bar. There, drink prices move all night, as you watch the ticker tape like a crowded trading floor. Great for a night out.
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October 13, 2026 
US CLO issuance increases to US$53bn in 3Q, driven by strong MM/PD issuance
New-issue US CLO volume amounted to US$53bn in 3Q25 via 106 deals, up 2% from 2Q25’s US$52.1bn and 34% from…
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M)
(Past performance is no guarantee of future results.)
U.S. Private Credit: Sizing Up Defaults
Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate…
PE exit/investment ratio
Download PitchBook’s Report here. Sponsor-to-sponsor exit activity dipped on an absolute basis in Q2, along with the moderate decrease in total…
Notes from New York
What’s on the minds of private debt professionals? Regulation, market conditions and distressed debt all had an airing at our…
Swiss Army Knife of Capital (Part Three)
During the recent PDI webinar we were asked, beyond yield, diversification, and deployment, what private credit areas are most vulnerable?…
Slow as it Goes
Quarterly direct lending deals peaked 2Q 2024, slowed since. Source: PitchBook LCD, US data through Sept. 16, 2025.
M&A EV/revenue multiple for deals between $25 million and $1 billion
Download PitchBook’s Report here. Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with…
Dividend Loan Issuance Through Q3 Sets New Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook Through September 23rd, US institutional loan issuance tied to dividend payments…
Private credit and bank lenders struggle to meet middle market lending targets in 3Q25
The vast majority of middle market lenders have found sufficient opportunities hard to come by in the most recent quarter,…
Accordion Inside Maturity
(Past performance is no guarantee of future results.)
Rents, Lease Pass Throughs Support US Data Centers Amid Higher Costs
Click here to learn more. Tariffs, geopolitical tensions, and federal policy changes are disrupting supply chains, increasing data center and…
Higher risk not always higher return
Investors are mulling opportunities beyond direct lending but moving up the risk curve doesn’t guarantee better results. Direct lending dominated…
Where’s the Beef?
A PitchBook survey showed private credit participants most worried about finding new deals. Source: PitchBook/LCD, data through Sept. 16, 2025
Swiss Army Knife of Capital (Part Two)
Beyond yield, advisors and direct contribution (DC) plans look to private credit for diversification and deployment. These goals are not…
Letter From Oman
Our first visit to Oman last week was remarkable in several respects. We were reminded again how regional countries –…