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Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data
In this note, we examine large banks’ lending to private equity (PE) and private credit (PC) funds. Using a manual matching algorithm, we estimate that large banks’ total loan commitments to PE/PC fund sponsors are approximately $300 billion, or 14 percent of their total loan commitments to non-bank financial institutions, as of 2023, up from around $10 billion, or about one percent, in 2013.
Discussion Paper
Corporate Landlords, Institutional Investors, and Displacement: Eviction Rates in SingleFamily Rentals
In this research we document the eviction crisis in the city of Atlanta and adjacent suburbs. We place eviction-driven housing instability in the broader context of changing housing markets, examining the relationships between post-foreclosure single-family rentals, large corporate landlords, and eviction rates. The rise of the large corporate landlord in the single-family rental market has the potential to rehabilitate vacant properties and offer affordable housing in desirable neighborhoods, or conversely could perpetuate housing instability and spatial inequality. To understand the ...
Discussion Paper
Corporate Landlords, Institutional Investors, and Displacement: Eviction Rates in Single-Family Rentals
In this research we document the eviction crisis in the city of Atlanta and adjacent suburbs. We place eviction-driven housing instability in the broader context of changing housing markets, examining the relationships between post-foreclosure single-family rentals, large corporate landlords, and eviction rates. The rise of the large corporate landlord in the single-family rental market has the potential to rehabilitate vacant properties and offer affordable housing in desirable neighborhoods, or conversely could perpetuate housing instability and spatial inequality. To understand the ...
Discussion Paper
The Private Premium in Public Bonds?
In a 2012 New York Fed study, Chenyang Wei and I find that interest rate spreads on publicly traded bonds issued by companies with privately traded equity are about 31 basis points higher on average than spreads on bonds issued by companies with publicly traded equity, even after controlling for risk and other factors. These differences are economically and statistically significant and they persist in the secondary market. We control for many factors associated with bond pricing, including risk, liquidity, and covenants. Although these controls account for some of the absolute pricing ...