No Signs of Slowing (Except Defaults)
▶︎ Read November 13 2023 commentary: here
Two economic dynamics are driving capital markets. First, GDP strength which, by many measures, remains steady if not buoyant. One of our favorite contributors is Caterpillar.
Hard to think of a better representative of cyclical industrials than the Peoria, IL-based manufacturer of heavy “yellow-iron” equipment. The company reported a 12% revenue increase to $16.8 billion for 3Q, from $15 billion in 3Q 2022. Operating profit margins were up, 20.5% vs. 16.2% on higher demand for energy and transportation-related construction…
(Any “forward-looking” information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.)
Latest news
Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
