私人表现信贷指数——2025年第一季度

Private Performing Credit Index—Q1 2025 Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bank with expertisein mergers and acquisitions, capital solutions, financial restructuring, and financialand valuation advisory. Houlihan Lokey regularly values instruments in many of theleast visible asset classes, particularly private credit. The Houlihan Lokey PrivatePerforming Credit Index (PPCI) is derived from our extensive dataset of privatecredit valuations. The PPCI provides a window into the universe of performing private credit loans,of which the data is generally inaccessible, and enables comparisons toinvestment portfolios or other indices to inform discussions of market dynamicsbetween ourselves and our clients. The PPCI is computed using weighted average(based on aggregate principal balance) yields of a subset of private loans valuedby us. The yields represent the implied internal rates of returns (IRRs) based on ourfair value estimates of each underlying loan. We also calculate other data,including spread and percentage of par, and have numerous other studies andobservations available in ourInsights sectionon HL.com. The PPCI provides awindow into theuniverse ofperforming privatecredit loans, of whichthe data is generallyinaccessible, andenables comparisonsto investmentportfolios or otherindices to informdiscussions of marketdynamics betweenourselves and ourclients. Results Many investment factors drive both borrowers and lenders to the private credit markets. One of the publicly availableindices is informative in these discussions of private vs. public credit and bonds vs. loans. The chart below illustratesthose differences. Change From the Previous Quarter From December 31, 2024, to March 31, 2025, the PPCI decreased by 26 bps, from 10.84% to 10.58%. Witheach PPCI release, our Private Credit team reviews the data (which consists of 15,000+ qualifying quarterlyasset valuations performed since September 30, 2017), market conditions, and changes in the composition ofthe portfolio to explain the difference from the previous quarter. Our analyses focus on the significant driversof differences to aid our clients when comparing their own observations of the market yields; however, thechange in composition may affect the index in a specific way that is not consistent with general experience.Additionally, the changes below reflect the absolute changes in each metric quarter over quarter and are notmeant to be cumulative changes that bridge PPCI yield values from one quarter to the next. 01 04 B E N C H M A R K R A T E S S P R E A D The yield is the discount rate that makesthe present value of future cash flowsequal to the loan value. The SOFR swaprate for the relevant average maturitydecreased by approximately 41 bps fromDecember 31, 2024, to March 31, 2025. Spread is added to the base rate to form thediscount rate. The weighted average spreadfor loans in the PPCI decreased from 651bps on December 31, 2024, to 645 bps onMarch 31, 2025, representing a decrease of6 bps. A significant portion of loans in the indexwere transitioned from LIBOR to SOFRduring the quarter ending September 30,2023. As a result, we have shifted ourbenchmark rate from LIBOR to SOFR forthe purposes of this comparison. 05 C O M P O S I T I O N Although a significant portion of the PPCIis composed of loans valued in priorperiods, some change occurs. The changein index components contributed to adecrease of 10 bps in the PPCI IRR fromDecember 31, 2024, to March 31, 2025. 02 C O U P O N The coupon represents the contractualinterest margin above the applicable baserate for floating rate loans and representsthe contractual interest rate for fixed-rateloans. The weighted average coupondecreased by 12.7 bps from December 31,2024, to March 31, 2025. P R I C E The weighted average price for loans in thePPCI decreased from 98.88% on December31, 2024, to 98.74% of par on March 31,2025. Change From the Previous Quarter(cont.) Further Information or Analysis To receive further information or discuss Houlihan Lokey’s PPCI, please contact our Portfolio Valuation and FundAdvisory Services team: Chris Cessna, CPA, CFA Dr. Cindy Ma David Wagner Senior AdvisorFinancial and Valuation Advisory+1 212.497.7984DWagner@HL.com Managing DirectorGlobal Head of Portfolio Valuationand Fund Advisory Services+1 212.497.7970CMa@HL.com DirectorFinancial and Valuation Advisory+1 404.495.7022CCessna@HL.com Leading Global Independent Investment Bank Europe and Middle East Asia-Pacific Americas Los AngelesMiamiMinneapolisNew YorkSan FranciscoSão PauloWashington, D.C. ShanghaiSingaporeSydneyTokyo BeijingGurugramHong Kong SARMumbai AtlantaBaltimoreBostonCharlotteChicagoDallasHouston AmsterdamAntwerpDubaiFrankfurtLondonMadrid ManchesterMilanMunichParisStockholmZurich Important Disclosure © 2025 Houlihan Lokey. All rights reserved. This material may not be reproduced in any format by any means or redistributed without the pri