Loan Note: US still popular capital destination but may be waning; new back leverage business launched

Hints in our data of capital flows migrating outside the US. Plus: Art Capital launches back leverage unit; and senior hires at Beach Point. Here's today's brief for our valued subscribers only.

They said it

“Our review of the 2Q2025 data… reveals incremental improvements in interest and fixed charge coverage ratios, realized loss rates which remain below historical average levels, and the largest magnitude of aggregate EBITDA growth in multiple years”

Taken from BlackRock’s latest Global Credit Weekly 

First look

Reaping the whirlwind: will US volatility change fundraising flows? Source: Getty

Hints of LP support waning for US

Given the ramifications of Liberation Day and a more volatile economic and political backdrop in general, talk has grown louder around whether investors will increasingly migrate capital away from the US and into...

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