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Leveraged Loan Insight & Analysis - 8/15/2022

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Blackstone Private Credit Fund continues to grow Perpetual-life BDCs continue to pull in money, with these funds accounting for the majority of recent growth in the BDC space. In addition to enticing investors with attractive yields like all BDCs, perpetual-life BDCs continually offer new shares monthly and provide investors with quarterly liquidity through a share…

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The Great Unwind (Final of a Series)

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“The easy money has been made; the harder money is left.” We noted this recently from an experienced asset manager reflecting on the current investing market. It’s fairly typical of a public trading approach emerging from a period of low prices. Eventually the worry discount goes away as fear fades. Finding the next bargain then…

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Debtwire Middle-Market – 8/15/2022

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Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…

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Leveraged Loan Insight & Analysis - 8/8/2022

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BDC loan valuations shift lower in recent filings The fair value of BDC debt investments declined in 2Q22, driven by credit spread widening across the broader markets as volatility spiked against a backdrop of inflationary pressures and recession fears. Looking at the cohort of 56 BDCs that have posted earnings as of August 10, the…

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