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1、Portfolio Valuation and Fund Advisory ServicesDirect Lending UpdateFALL 2022IntroductionDear Clients and Friends,Houlihan Lokeys Portfolio Valuation and Fund Advisory Services team is pleased to present the fall 2022 edition of the Direct Lending Update.We have included key trends for more than 100

2、business development companies(BDCs)to help you stay ahead in this constantly evolving industry.We hope you find this update to be informative and that it serves as a valuable resource to you in staying abreast of the market.If there is additional content you would find useful for future updates,ple

3、ase do not hesitate to call or email us with your suggestions.We look forward to staying in touch with you.Regards,Cindy Ma,Ph.D.,CFAManaging DirectorGlobal Head of PortfolioValuation and Fund Advisory Services212.497.7970CMaHL.comTimothy KangDirector212.497.4209TKangHL.comChris Cessna,CPA,CFASenior

4、 Vice President404.495.7022CCessnaHL.comPortfolio Valuation and Fund Advisory Services Contacts 1Key TrendsCompetition among direct lenders was robust going into Q3 2022,keeping pricing on new loans generally flat relative to the first half of 2022.As shown on the following pages,the median pricing

5、for new first lien loans in Q3 2022 was S/L+5.68%,which was only 7bps lower than new loans originated in Q2 2022.The pricing on new loans in part informs the valuation of existing loans in BDC portfolios,which was evident by looking at the Q3 2022 loan values.The weighted average price for performin

6、g first lien loans modestly declined from 98.0%of par to 97.8%of par,as shown on the following pages.The high levels of fundraising for direct lending funds over the past several years have left significant undeployed capital competing for new deals.Going into Q4 2022,we see a continuation of this t