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Marblegate has purchased the loan participations held by MS Facilities 2020 LLC, led by Federal Reserve Bank of Boston, as Managing Member, originated under the Federal Reserve’s Main Street Lending Program.  The program was designed to help credit flow to small and midsize businesses that were financially sound before the onset of the COVID-19 pandemic… Read More

The July/August lead story examines the rapid growth of credit continuation vehicles and the governance, conflict-of-interest, and valuation questions they raise. Marblegate’s Andrew Milgram offers a pointed view: when a continuation vehicle is used to extend credit that cannot be refinanced, it amounts to a tacit admission that the underwriting or the pricing was wrong.… Read More

In PDI’s June cover story on mounting scrutiny of private credit valuations, Marblegate Managing Partner and CIO Andrew Milgram argues that reported marks have not kept pace with the real deterioration inside middle-market borrowers, even as their public peers have thrived. Drawing on the firm’s data with RapidRatings, Milgram notes that around a quarter of… Read More

Marblegate’s latest report with RapidRatings analyzes full-year financials for more than 1,200 private middle-market companies against their public peers and finds a divergence that has widened every year since 2019. Private middle-market EBITDA is down 42% (public peers are up 31%), margins are down 44%, liabilities have risen more than 70%, and leverage has roughly… Read More