KBRA Direct Lending Deals: News & Analysis – 12/1/2025
KBRA DLD Default Indices(TTM 12/2/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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Middle Market Deal Terms at a Glance – November 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Leveraged Loan Insight & Analysis – 12/1/2025
The record setting continues as BDC AUM reaches US$534bn Investors continue to allocate more capital to BDCs and in turn the upward growth trajectory shows no sign of slowing, with BDC assets under management (AUM) climbing to a record US$534bn in 3Q25…. Subscribe to Read MoreAlready a member? Log in here...
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Covenant Trends – 12/1/2025
Average Free-and-Clear Dollar Cap as a Multiple of Pro Forma Adjusted EBITDA (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Debtwire Middle-Market – 12/1/2025
The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 12.3% as of 21 November, close to its five-year peak of 12.8% on 8 April) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses that tend to…
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LevFin Insights: High-Yield Bond Statistics – 12/1/2025
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Middle Market & Private Credit – 12/1/2025
US Life Insurer Investment Risk Rising from Private Letter Ratings Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar The rapid growth of private letter ratings (PLRs) raises risks for U.S. life insurers as it coincides with the industry’s move toward more complex, opaque investments untested…
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The Pulse of Private Equity – 12/1/2025
Private capital dry powder ($B) Download PitchBook’s Report here. Enough capital was raised to more than compensate for the capital calls issued thus far in 2025 to cause dry powder to grow again from the year-end 2024 figure…. Subscribe to Read MoreAlready a member? Log in here...
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PDI Picks – 12/1/2025
The rise of secondaries Our Perspectives 2026 survey confirms that secondaries are growing in investor popularity. Secondaries have quickly moved from the periphery of private credit to the mainstream. Our Perspectives 2026 survey reveals the evidence of this sudden change…. Subscribe to Read MoreAlready a member? Log in here...
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2026 Outlook: Setting the Table
A conversation this week between business TV anchors included the following half-joking observation: “Credit managers are saying, ‘Our 2026 outlook is baked. We’re now focusing on 2027.’” While we admire the brio behind this assertion, our confidence with market predictions – including our own – is not great. What many expected to happen this year,…
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