Our underwriting teams start by analyzing financials from portfolio company CFOs, comparing them to prior year, budget, and downside cases. This is helpful to evaluate management: are they doing what they are saying? PMs get color on material deviations from plan, looking at items such as margin performance due to price increases and cost cuts. […]
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.6% as of 23 May, down from the highest level in last 12 months of 12.1% in May 2023) that tracks the overall…
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Fitch’s Private Middle Market Portfolio, Rating Activity Download FitchRating’s Report here. Downgrades greatly outweighed upgrades in 1Q24 as high interest rates affected the FCF and financial flexibility of issuers in lower rating categories…. Login to Read More...
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Download PitchBook’s Report here. Private credit continues to dominate the number of buyout financings while lending from public business development companies (BDCs) suggests direct lending may have bottomed in H2 2023, but competition is increasing, leading to private lenders having to lower their prices to secure deals…. Login to Read More...
Daily Analytic: Services and healthcare sectors see most loans added to non-accrual status in 1Q24 The weighted average non-accrual rate for public and private BDCs combined ticked down to 1.39% in 1Q24 from 1.50% in the prior quarter…. Login to Read More...
Arguments for the middle way A new report examines themes in the mid-market and finds optimism growing as investors seek to diversify. It has undeniably been a challenging few years for small and medium-sized businesses. But are the tides starting to turn? Recent data suggests earnings of mid-market firms are consistent with a consensus that…
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com