SOPHRON
RESEARCH / Private Credit · Underwriting
Private Credit After the Easy Years
What disciplined underwriting looks like when growth and refinancing conditions tighten.
Private credit expanded rapidly in a friendly funding environment. As conditions normalize, underwriting quality, covenant structure, and manager incentives matter more than headline yields.
This note summarizes the diligence questions Sophron prioritizes when evaluating private credit managers and structures.
This material is provided for informational purposes only and does not constitute investment advice.