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<description>Independent private-credit data &amp; research — commentary and reports from our reconciliation of BDC filings.</description>
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<title>43% of a first-lien BDC loan coupon is now the base rate</title>
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<description>The reference rate now supplies ~43% of first-lien BDC loan yield, against ~14% in 2021 — from our reconciliation of BDC Schedule-of-Investments filings (par-weighted).</description>
<author>research@cedarpool.com (RJ Joshua)</author>
<pubDate>Fri, 09 Oct 2026 00:00:00 +0000</pubDate>
<category>private credit</category>
<category>BDC</category>
<category>base rates</category>
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