Latest News

May 29, 2024

Dragged Out to Sea: The Ongoing Stress and Distress in the U.S. Middle Market – an Update to 2023’s “Riptide: The New Era of Acute Financial and Operating Stress in the U.S. Middle Market” (White Paper)

Key Takeaways: This update to our analysis of data from RapidRatings, a leader in supply chain risk analytics, confirms the ongoing collapse in margins, surging leverage and deteriorating solvency of middle market companies anticipated by our prior research. At current leverage ratios, the average middle market company is likely near violating or already breaching covenants… Read More

April 23, 2024

SNC Report Shows Steep Rise in US Troubled Loans

The latest report from the Shared National Credit Program indicates a significant credit risk increase in the US economy in 2023. Perhaps surprisingly, the SNC suggests that real estate, especially commercial real estate, has been relatively untroubled. Read More

March 25, 2024

The 2023 Shared National Credit Program Report

The 2023 Shared National Credit Program Report showed over $570 billion in troubled assets among U.S. banks participating in leveraged lending. Read More

January 16, 2024

The Middle-Market Rip Current That Might Spoil the Economic Bliss of 2024

It looks like the Federal Reserve achieved its goal: tamp down inflation by raising its benchmark interest rate without wrecking the U.S. economy. There’s still a chance a recession will happen, but the Fed has suggested that it’s done hiking rates and that it might even cut rates this year, to the delight of equity investors. Read More

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