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The Loan Is Not the Only Leverage: Why Private Credit Needs a Fund-Level Debt Map

A private-credit fund can own loans and borrow against its portfolio, while a feeder adds another financing layer. Each claim has different debtors, collateral and calculation rules. A useful debt map keeps those layers separate, connects their evidence and shows how a change in portfolio value can affect fund financing and investor cash flows.

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A Claim Is Not Its Proceeds: What First Brands Reveals About Litigation Assets

First Brands’ failed Chapter 11 plan exposed a distinction that matters far beyond one bankruptcy: a legal cause of action, the future proceeds of that action, a lien over those proceeds, litigation funding and an economic interest in a litigation trust are not the same asset. The court rejected a proposed credit bid for certain estate claims where the lenders’ liens attached to proceeds rather than the claims themselves, while the wider plan depended on major future litigation recoveries....

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When the Collateral Is Compute: What a GPU-Backed Loan Actually Owns

GPU-backed private credit is developing into a distinct form of equipment and infrastructure finance. Bullish provided USD.AI with a $100 million stablecoin-based facility in August 2026 to support loans secured by high-performance computing assets, while USD.AI reported more than $281 million of lifetime deployed capital across GPU financings by month-end. The challenge is that the collateral is mobile, rapidly depreciating, technically specialised and economically dependent on data-centre...

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