Covenant Lite

Covenant Lite

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Covenant Lite #25: Leverage, Liquidity, & Lies: Lessons From Private Credit’s Fallen Stars (Part 1 of 3)
A three-part series on what can go wrong in private credit
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CovenantLite
Covenant Lite #24: Ozempic for Bank Balance Sheets
An inside look at SRTs: one of Private Credit's newest (and hottest) strategies
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Covenant Lite #23: The Private Credit Performance Illusion
How Survivorship Bias Skews Private Credit Returns
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Covenant Lite #22: Guardrails Gone: The Erosion of Covenants in Private Credit
Pressure to deploy in private credit has led to fewer investor protections
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1

May 2025

Covenant Lite #21: Billion-Dollar Ballers: The Hidden Financial Game of NBA Teams
The Knicks, Wall Street, and the New Playbook for NBA Team Finance
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Covenant Lite #20: Does Size Really Matter in Private Credit?
Analyzing the Risk/Return of Small vs. Large Managers
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Covenant Lite #19: Private Credit Goes Hollywood
Financing the New Age of Streaming, Studios, and Entertainment IP
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Covenant Lite #18: From Hold to Sold: Private Credit Gets a Second Life
Tracking the emergence of a robust secondaries market in private credit
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1

April 2025

Covenant Lite #17: The New Face of Venture Lending
SVB’s collapse was supposed to cripple the market. Instead, it unleashed the biggest boom in venture debt history.
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Covenant Lite #16: The Fight to ETF-ize Private Credit
A $1trn retail opportunity that’s still barely out of the locker room
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Covenant Lite #15: A Brief History of Private Credit
⭐ The Golden Age of Private Credit: A History in 10 Parts
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Covenant Lite #14: Finding a common language for private credit
Ways that different data providers define private credit
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CovenantLite
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