Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Private credit, including business development companies (BDCs), is due for some credit from the market. The feared default wave never came. McKinsey’s latest read on the asset class is plain: returns held, originations stayed near record highs, spreads remained meaningful, interest coverage improved, and defaults stayed tame. The bear case simply did not happen.
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