This document, from Octus, provides an analysis of U.S. direct lending activity for the first nine months of 2025, focusing on deal flow, pricing, leverage, interest coverage, and lender rankings.
Based on a universe of 160 business development companies, Octus identified a total of $5.99 billion of debt (at cost) in nonaccrual status in the second quarter of 2025
Carlyle Group is marketing a new European CLO with an unusual structure that allows the manager to pay themselves fees before conducting a test that could force them to use interest to repay bondholders.
Hot on the heels of a record year for issuance, hopes are high among CLO market participants in 2025. Leveraged loans are trading at their highest levels since 2021, according to the Morningstar LSTA Leveraged Loan Index, but some in the market are expressing concerns around mounting tail risk in CLO portfolios that could impair...
