Since the Volcker Shock of 1980 consumer prices have fallen to a range of 2-3%.

Recently compressed loan spreads leading to more BSL repricings; middle market is lagging.

Expectations for an improved economy has driven yields and time to a Fed hike in opposite directions.

First-lien middle market direct lending deals proved the best value vs. large cap and unitranches.

A “whopping” 85% of direct lenders characterized deal flow expectations as equal or better than pre-Covid levels.

Reflecting investors’ preference for defensive sectors, business services led all industries for loans recently launched.

Most investors expect distressed loans to peak before the second half of 2021.

Over the past two decades business cycles have increased the degree of correlation among asset classes.

Leveraged loan prices recovered steadily through 2Q and 3Q 2020, bringing cumulative returns to positive territory.

Last year was Exhibit A on how non-traded loans perform amid volatility relative to their liquid cousins.