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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Poised for a Rebound?
Since the early 1800’s, tariff’s share of US government revenues has shrunk dramatically. Source: The Cato Institute
Average Total Deleveraging Required To Meet RP Ratio Test
(Past performance is no guarantee of future results.)
Global private debt dry powder ($B)
Download PitchBook’s Report here. Halfway through 2024, private debt dry powder sat at $566.8 billion—a new high—and is on track for…
Letter from Down Under (Second of Two Parts)
As the Australian market has matured, it has geared a variety of private credit products to different investor types. These…
US Leveraged Loans Post Consecutive Monthly Losses
Click here to access Bloomberg’s US Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure…
Slower Growth and Competitive Underwriting to Pressure Asset Quality for U.S. BDCs
Click here to learn more. U.S. business development companies (BDCs) are facing mounting pressure in 2025 as escalating trade tensions…
Private credit offers issuers some certainty during uncertain times, although comes with a cost
No matter which market borrowers opted to tap, financing conditions seemed more than accommodating as we approached the second quarter.
Private debt institutional, retail, and insurance AUM ($B)
Download PitchBook’s Report here. Since 2019, PitchBook has tracked 207 private market fund launches across these three vehicle types, all targeting…
Percentage of Loans with Asset Sale Sweep Step-downs
(Past performance is no guarantee of future results.)
Defaults stay subdued for now
The latest Proskauer study suggests loans are demonstrating impressive resilience but there should be no room for complacency. Defaults may…
What is a Tariff, Anyway?
Google searches for “tariff” hit a peak around Liberation Day but have trailed off since. Source: Google Trends
There’s a New Tariff in Town (First of Two Parts)
This week we look at questions from clients and friends surrounding the issue of tariffs. Not surprisingly, as we’ve discovered…
Letter from Down Under (First of Two Parts)
In our travels last month to Perth, Melbourne, and Sydney, we had over twenty meetings with clients and friends that…
Lenders offer deep discount on new loans in April
To Monitor Upcoming US Institutional Loan Issuance, run PREL <GO> from a Bloomberg Terminal Primary issuance has come at a…
Direct lending versus buyout fund distribution rates
Download PitchBook’s Report here. In the 12 months ended Q2 2024, private debt returns outpaced all other private market asset classes.
There’s a New Tariff in Town (Second of Two Parts)
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s…