Study 4: How Does Leverage Vary Across the Portfolio and Over Time?

In this presentation, leverage is the ratio of total debt/adjusted EBITDA. That ratio has remained fairly steady since the inception of the PPCI with a peak in Q3 2020 and a steady increase to a recent high. While not as easily presented, the distribution of leverage ratios across the portfolio of loans valued each quarter has been widening. In the following, we present the granular detail for year-ends since 2017.