Work with the Radar

Member

• Fund liquidity: how much investors asked to redeem, how much went unmet, and how far fund cash and undrawn credit lines cover redemption requests and unfunded commitments.
• How long stress lasts: how many loans marked below 90 are still there a quarter later, and where they move next.
• The maturity wall: what falls due in the next 12 and 24 months, and how much is extended rather than repaid.
• Terms on new loans: fees, floors and PIK at origination, to set against your own deals.
• Every indicator by seniority, sponsor status and sector, with software exposure shown on its own; the European book by country and industry from 14 December.
• Fund financials across the BDC universe: leverage, asset coverage, interest and dividend cover, NII and PIK income, fees and waivers, realised and unrealised losses.
• Distress events by tier: hard defaults, amendments under distress, and amendments without a distress marker.
• Listed and non-traded BDCs side by side: marks, PIK and redemptions.
• The panel as quarterly data files, with a data dictionary and a changelog of every method change.
• A written note each quarter on what moved, and a call with the team on release day.
• A discounted ticket for the practitioner day of the Frankfurt Private Capital Symposium.

Partner

Everything members receive, plus

• the history of the data, back to 2017;
• the names behind the tables: platforms, sponsors, the borrowers behind each distress event and the list of impaired exits;
• fund financials and fund liquidity fund by fund;
• the credit ratings history of every BDC, from all agencies, back to 2008, withdrawals included;
• loan-level mark dispersion: how each lender marks the same loan, and the lowest mark;
• a seat at the partner roundtable and at the Symposium practitioner day;
• a small-group release call with Sascha Steffen, and working papers two weeks before SSRN;
• two executive-education seats a year;
• proposals for cuts and topics in later releases.

Research partner

Everything partners receive, plus

• in-depth analysis of the position panel with the research team, on topics agreed with you;
• research on BDC share prices: what the discount to NAV says about future marks and losses;
• research on forecasting and trading strategies built on the panel;
• a voice in the research agenda: a seat at the annual research advisory meeting;
• a half-day in-house session with Sascha Steffen for your team;
• two seats at the partner roundtable and at the Symposium practitioner day;
• named acknowledgement on the research your funding makes possible.