The number of private debt funds closed through June 30 was significantly off last year’s pace.

Overall fundraising for private debt strategies peaked in 2017, but is poised for another solid year in 2019.

First-lien/mezz is the costliest capital structure for sponsors; unitranche is coming down.

Leverage for middle market unitranches has matched first-lien large cap leverage.

The volume of middle market spread flex-ups at $2.2 billion was the highest in four years.

The number of add-ons is more than buyouts, as private equity strives to improve investment returns.

Valuations have trended up over the past decade, but the number of M&A transactions has slowed.

After a strong fourth quarter last year, quarterly US M&A volume has slowed.

Despite lower rates and higher spreads, CLO formation is on track for a good year.

SOFR has hovered around LIBOR, but spiked when repo rates jumped last month.