Debt Covenants Explained: Affirmative, Negative, and Cov-Lite
Understand debt covenants: affirmative vs negative rules, financial maintenance tests, debt-to-EBITDA math, and why covenant-lite loans dominate modern credit.
private credit
Private Credit Divide: 12% of Small Loans Face Distress
Houlihan Lokey’s DataBank reveals a divide in private credit: distressed loans jumped to 12% for small borrowers while mega-cap direct lending holds firm.
Blue Owl Leads $2.4B AI Factory Financing for IREN
Blue Owl-managed funds are anchoring a $2.4B loan for IREN’s AI compute buildout — the latest private-credit push into GPU-backed data-center debt.
Private Credit’s $27B Six Weeks: Hayfin, Comvest, Bridgepoint
Three direct-lending mega-funds closed over $27 billion since July — Hayfin, Comvest and Bridgepoint. Inside the wave reshaping private credit.
Nvidia’s $500B AI Consortium: 6 Titans Rewire Compute Finance
Nvidia lines up Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to raise $500B+ for AI compute infrastructure — off-balance-sheet.
Palmer Luckey’s Erebor Nears $1.5B Round at $9.5B
Erebor, the tech-focused bank co-founded by Palmer Luckey, is in talks to raise $1.5B at a $9.5B valuation — more than doubling in eight months.
Fed Launches Pilot Survey of $1.3T Private Credit Market
Dallas and NY Fed will pilot the first regular data pull on private credit after Q3, with initial findings due Q1 2027. Here’s what it will track.
AI Debt Deluge Meets Pushback: Cover Ratio Halves to 2x
Hyperscaler bond books have slid from 5x oversubscribed in February to under 2x by July, as AI-related debt heads to $570B and Moody’s warns.
Private Credit’s Q2 Cracks: Ares Caps ASIF Redemptions
Q2 2026 private-credit reads: Ares Capital core EPS $0.47, ASIF pro-rates 14.4% redemption bid, Proskauer default index 2.51%. Where the stress is showing up.
SoftBank Reopens $10B OpenAI Margin Loan With Concessions
SoftBank has reopened talks for a $10B margin loan backed by its OpenAI stake, adding lender concessions after a June stall cut the target to $6B.