Featured News & Insights

Topic: Press Release

AFA Announces Proposed Transaction with Mount Logan

AFA announces a strategic transaction with Mount Logan that is expected to enhance the AFA Asset Based Lending Fund by leveraging Mount Logan’s scale and extensive origination capability.

All News & Insights

Topic: Timely Updates

Commentary

The Impact of Tariffs on the AFA Asset Based Lending Fund

The impact of tariffs on private credit will likely be more muted in funds with minimal leverage, senior secured debt, asset-based underwriting, an overweight in fixed rates, and limited exposure to supply chains affected by tariffs.

Topic: Allocating Among Private Credit Investments

Perspectives

Optimize Your Private Credit Exposure: A Framework for Diversifying Beyond Corporate Direct Lending

Private credit extends far beyond corporate direct lending. A two-by-two framework illustrates the dynamics of cash-flow-based vs asset-based loans, and large vs. small borrowers and loan sizes.

Topic: Sources of Leverage and Risk

Perspectives

Hidden Leverage in Private Credit Funds: How to Assess What’s Hiding Under the Hood

The use of leverage among private credit funds varies widely. Some of this leverage is easy to detect on fund balance sheets, but additional leverage may be hidden. Understanding where to look is important for assessing risk.

Topic: True Credit vs Alternative Income

QuickTake

Is Your Private Credit Fund Truly “Credit”?

A number of Private Credit funds include investments in alternative sources of income that are not strictly debt. The article examines the distinctions and implications.

Topic: Income vs Total Return

QuickTake

In the Land of Fixed Income, We Believe Yield Is King

The caveat "prior returns is not a predictor of future performance" always applies, but in fixed income starting yield is a useful predictor of medium term returns.

Topic: Recovery Rates vs Defaults

QuickTake

In Times of Crisis, Recovery Rates Matter a Lot

The article unpacks how different types of credit are affected in economic downturns. Investors should look beyond simple default rates because recovery rates have a major effect on total returns.