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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 
Interest coverage ratios move lower
Interest coverage ratios have come come under pressure as base rates have moved sharply higher in the last 15 months.…
Middle Market Deal Terms at a Glance - July 2023
Source: SPP Capital Partners Contact: Stefan Shaffer sshaffer@sppcapital.com
Indexed Returns
Almost two decades of data show strong junior capital returns relative to other credit.
Investors flock to the middle
As previously highlighted by Lead Left, and supported by our fundraising data, junior capital strategies are becoming increasingly popular. In…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.) Contact: Steven Miller
Loan Stats at a Glance - 7/31/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Fundraising slowdown
Download PitchBook’s Report here. Fundraising is in a slowdown, according to PitchBook’s US PE Breakdown. Through H1 2023, about $153 billion…
The Case for Junior Capital (Part Two)
We continue our discussion this week on why private mezzanine is going from strength to strength amid current economic and…
The Case for Junior Capital (Part Three)
This space has covered at length the investor-friendly changes in senior debt terms since the Fed began its rate hiking…
Seconds Away
All-in yields of second-lien loans have risen to keep pace with first-lien upswings.
US unitranche volume tallies under US$10bn in 2Q23 as jumbo deals become scarcer
US unitranche volume sank further in 2Q23, totaling US$9.4bn, the first time it tallied less than US$10bn since 2Q20. Large…
Rolling Tallies of MFN Sunsets
(Past performance is no guarantee of future results.) Contact: Steven Miller
The Case for Junior Capital (Last of Four Parts)
In early 2020, just before Covid came crashing down on our heads, we were in the middle of a Lead…