Credit Analysis

Direct Lending Underwriting Frameworks: Structuring Senior Secured Facilities in Middle-Market Transactions

Executive Summary Direct lending has emerged as a critical capital source for middle-market enterprises. Robust underwriting frameworks are essential for mitigating risk in senior secured facilities. Strategic covenant packages and…

Student Finance

Securitized Higher Education Facilities: Subordinated Debt Structuring and Default Risk Mitigation

University reviews August 11, 2026

Executive Summary Securitized higher education facilities represent a distinct, complex asset class. Subordinated debt tranches offer higher yields but carry magnified default risk exposures. Mitigating these risks demands sophisticated structural…