Posts by THE LEAD
The OG of Private Credit: Conjuring a Crisis
According to Merriam-Webster, apophenia, or mistaken pattern recognition, is “the tendency to perceive a connection or meaningful pattern between unrelated or random things.”
Read MoreSetting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at…
Read MoreThe OG of Private Credit: The Dot Calm
For over a decade, software has been the darling of investors. The reasons were evident long before the pandemic made the sector impossible to ignore.
Read MoreThe Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral
Read MoreThe OG of Private Credit: Par for the Course
What is a loan worth? At its core, a loan’s value is driven by two forces: credit risk (the likelihood the borrower repays) and market risk…
Read MoreValue Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit…
Read MoreAt Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing…
Read MoreThe OG of Private Credit: By Default
Beyond structural pressures, liquidity mismatches, and conflation with large cap strategies, the most fundamental question for any credit investor: What is the actual risk of losing money?
Read MoreMiddle Market Deal Terms at a Glance – April 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Read MoreQueue Here
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information,…
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