Middle Market CLOs: Proven Stable Performance in Volatile Credit Markets

The history and data of collateralized loan obligations show that CLOs, in general, and middle-market CLOs specifically, continue to perform very well through various economic cycles and market shocks.

How Direct Loan Market Participants Are Handling the Handoff from LIBOR to SOFR

SOFR is emerging as LIBOR’s benchmark successor for private loan market participants. Key differences in maturity and credit profiles must be considered.

A 4Q 2021 Update on Middle Market Credit Spreads and Required Returns

Post-Q4 2021, investors are reporting a greater willingness to underwrite more storied, high COVID impacted, or marginal issuers.

Valuing Venture Debt vs. Debt Instruments

What makes valuing venture debt investments unique compared to debt investments in more established companies?

A 3Q 2021 Update on Middle Market Credit Spreads and Required Returns

As we reflect on the private credit market in Q3 2021, direct lenders and private equity sponsors note trends remain similar to Q2.

FASB Implements Improvements to Deferred Revenue Accounting in Acquisitions

New FASB guidance allows companies to apply the revenue recognition standard (ASC 606).

With $3.6 Trillion in Goodwill on the Books of U.S. Companies, Panelists Argue Attention Must Be Paid

The continued growth of goodwill raises the stakes for U.S. & international standards setters considering changes to the way companies account for the assets.

With Greater Liquidity Comes Greater Private Asset Valuation Frequency

The new buzz phrase—”monthly valuation”—is taxing internal valuation teams and redefining relationships between fund sponsors and valuation providers.

A 2Q Update on Middle Market Credit Spreads and Required Returns

Considering competitive market dynamics, market participants report a tightening in credit spreads since Q2 2020 and generally stable credit spreads in 2Q21.

Resource Guide to Navigating SEC Rule 2A-5

VRC’s Rule 2a-5 Resource Guide provides the details fund managers and fund boards need to come into compliance with the SEC’s new regulations to fair value portfolio securities.