Or: What's the Value in Loan-To-Value? The question we get asked most often when we present our European asset backed capital solutions strategy (Vertis Capital Solutions or "VCS") is: "What is the Loan-to-Value you lend at?" This is an innocent enough question. Our initial
Or: Why initial conditions dominate. When markets are overvalued and “adjusted” numbers flatter reality, fragility creeps in. In 2025 we started to see some initial signs of anxiety creeping into the private credit market. Our base case is a long grind through private market marks and valuations, with occasional discontinuities