U.S. DL Returns Soften in 1Q, Outperform BSL
The U.S. direct lending market posted softening sequential results in the first quarter of 2025, highlighting the asset class’s resilience but not fully capturing the…
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BSL Rebounds in May Tariff Reprieve With 1.55% Gain
The de-escalation from the higher-than-expected tariffs announced on April 2nd – “Liberation Day”- continued into May leading to a resurgence across capital markets. After declining…
BDC Quarterly Wrap: 1Q25
The BDC Quarterly Wrap highlights select data points to provide a readout on BDC growth, structure, financing and asset quality. For context, the data includes…
LSTA Secondary Trading Monthly- April 2025 Executive Summary: Secondary Loan Trading Volumes Spike Again Alongside Higher Volatility
As market volatility spiked higher in April, LSTA secondary loan trading volume surged again above $100 billion. April activity ran north of $109 billion, a…
April 2025 SLOO Survey: Weaker Demand, Tighter Terms for C&I Loans in 1Q25
The Federal Reserve recently published its April 2025 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices. Responses were received from 70 domestic banks and…
Tariffs Hinder Markets, Driving Loan Returns Negative for Second Consecutive Month
Markets seized up in April, plummeting on the news that the Trump administration would apply higher-than-expected reciprocal tariffs across America’s largest trading partner.
Takeaways From the Fed’s April 2025 Financial Stability Report
The Fed’s April 2025 Financial Stability Report (FSR) is light on references to leveraged lending, but what it does say about the asset class is…
Loan Market Covenant Trends – 1Q25
he first quarter of the year proved a turbulent period for markets.
1Q25 Loan Trading Volume Spikes to a Record $253B
According to the LSTA’s Ted Basta, “Secondary loan trading volume totaled a staggering $102 billion in March, up 24% month-over-month and 45% over the LTM…
High Rates, Resilient Assets Drive Direct Lending Returns in 2024
Resilient portfolio performance and elevated base rates drove returns for U.S. direct lending loans higher into the fourth quarter and throughout last year, despite tighter…
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