Fitch’s Privately Monitored Middle Market Portfolio Overview, 4Q23

Portfolio - Leverage

Portfolio - Breakdown by Rating

Portfolio - Breakdown by Outlook

In the charts above, Fitch presents aggregate data for MM companies, defined as in the area of $500 million of debt or $100 million of EBITDA or below, that it privately rates for asset managers.

• Fitch estimates median EBITDA leverage of 6.0x for 2023 and expects the deleveraging trend to continue in 2024 to 5.8x.
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