Friday Letter

The dangers of being dogmatic about PIK

While some consider payment-in-kind’s origin to be a determinant of eventual outcomes, there are pitfalls in the prevailing logic.

The big numbers that hide investor caution

Are LPs necessarily as enthusiastic about committing capital as the fundraising data suggests?

Insurers weigh opportunity and risk

Insurance firms are among private credit’s biggest supporters, but do they have the internal safeguards to engage appropriately with the asset class?

The next stage in CRE loans post rate shock

It may once again be time to consider lending to certain mid-market property types.