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Debtwire Middle-Market – 9/29/2025

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Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 11.8% as of 26 September) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…

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Covenant Trends - 9/29/2025

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Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 9/29/2025

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U.S. Private Credit: Sizing Up Defaults Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate of larger issuers in Fitch Ratings’ Private Credit Default Rate (PCDR) universe during the trailing twelve months (TTM) to 2Q25…. Subscribe to Read MoreAlready a member? Log in here...

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The Pulse of Private Equity – 9/29/2025

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PE exit/investment ratio Download PitchBook’s Report here. Sponsor-to-sponsor exit activity dipped on an absolute basis in Q2, along with the moderate decrease in total quarterly exits, but maintained its majority share of middle-market exit activity…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 9/29/2025

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Notes from New York What’s on the minds of private debt professionals? Regulation, market conditions and distressed debt all had an airing at our recent industry event. We noted a few talking points from our recent PDI Network New York Forum: Private markets is in a “deregulatory environment”, according to Jillien Flores, chief advocacy officer…

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Swiss Army Knife of Capital (Part Three)

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During the recent PDI webinar we were asked, beyond yield, diversification, and deployment, what private credit areas are most vulnerable? What scenarios could likely create problems? These questions are excellent ones, because they allow us to tease out the differences among private capital managers, not just throw the entire asset class out with the bath…

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