Chart of the Week

Consumers gloomy, but keep pushing stock prices higher. Source: Bloomberg, The Conference Board(Past performance is no guarantee of future results.)

Private capital fundraising for the first quarter was predominantly for direct lending. Source: Preqin Pro(Past performance is no guarantee of…

Middle market direct lending spreads per unit of leverage consistently higher than large caps. Source: LSEG LPC(Past performance is no…

Distributions to LPs are severely hampered by slower M&A activity since Covid. Source: Ares Management, Goldman Sachs(Past performance is no…

Lower earnings activity is not always synchronized with worse economic performance. Source: Nuveen Multi-Asset, Bloomberg monthly S&P trailing 12 month…

Repricings, refinancings, and extensions hit record volume in the BSL market. Source: PitchBook LCD(Past performance is no guarantee of future…

Since the Fed’s rate hike regime began, more bankruptcies are reorganizations. Source: Torsten Slok – Apollo, The Daily Shot(Past performance…

Global private fund returns of capital has begun to improve since early 2023. Source: MSCI – Private Assets in Focus(Past…

Higher for longer has compressed leverage for both cov-lite and cov-heavy loans. Source: LSEG LPC(Past performance is no guarantee of…

Loan participants see higher defaults from 1.6% today, but not much higher. Source: PitchBook/LCD(Past performance is no guarantee of future results.)