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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Private jumbo volume reaches second biggest monthly tally
Jumbo private loan volume in May stands at $8.6 billion, the second largest monthly tally on record as the market…
Direct lenders usher in new records for jumbos, recurring rev deals
Competition between liquid and illiquid debt financing is heating up amid broader economic uncertainty generated by rising inflation, interest rate…
Volatility primes more records for jumbo unitranche loans
Jittery markets are priming new records for jumbo unitranche financing. At least a few mandates are in the works that…
Unitranche spreads, yields hit 2021 low in December
Competition moved unitranche spreads 25 bps lower in December to an average of L+540, a monthly low in 2021, despite…
Sponsors demanding larger DDTLs to act quickly in today’s buying bonanza
Sponsors are demanding larger delayed-draw facilities so they can act quickly in today’s buying bonanza. Auctions have gone from a…
At $2.3B, Calypso’s record unitranche demonstrates larger capacity for jumbos
The $2.3 billion unitranche loan supporting Thoma Bravo’s acquisition of Calypso Technology has set a new record for size, but…
Twenty is the new 50; Cov-lite invasion continues into direct lending
It’s no exaggeration that covenant-lite is invading direct lending. Market participants across the board say today’s cutoff is $20 million…
January volume soars on LBOs; Unitranche to feel broader pricing pressures
Chat I Chart II January’s direct lending tally set a new high, up from the previous record in December. Momentum…
Volume surged in December, strong M&A tone carries into first week of 2021
Direct lenders established a new high watermark for volume in December, setting the tone for an aggressive first quarter in…
U.S Direct Lending: Purpose November 2020
Direct lending in November for buyouts surged to 47%, leveling the lopsided pull of add-on acquisitions that had dominated the…
Sun Life's $338M acquisition of Crescent Capitalunderscores confidence in direct lending
Sun Life Financial’s $338 million acquisition of Los Angeles-based Crescent Capital underscores investor confidence in direct lending, even as the…
Third quarter finishes on high note; Lower middle market LBOs rally in Sept
The second quarter’s heavy caution all but disappeared by last month in a swift reversal of deal flow. Uncertainty is…
August amped up deal flow in lower middle market; Busy season ahead
Lower middle market deal flow amped up in August, with volume exceeding July as lending found its footing amid calmer…
Non Accruals rise, not spike; Lower middle market BDCs steady at 7.5%
BDC non-accruals rose to an average of 5.3% at June 30, up from 4.9% at the end of March, based…
Lending began to rebuild in July, add-ons drove 60% share
There’s no clear path forward yet, but lending began to slowly rebuild in July. The second quarter gave arrangers more…
Ardonagh highlights viability for large unitranches
It’s not a buyout, but Ardonagh Group’s record unitranche loan of £1.575 billion highlights the viability of jumbo ‘unis’ in…