Updates
How interval fund liquidity works under Rule 23c-3, how tender offer funds differ, and what proration does to a position when repurchase requests exceed the offer.
Learn how mutual fund and ETF liquidity works: how each exit channel turns fund shares into cash, and how position size drives the time and cost of selling.
SQXray measures how fast and at what cost you can exit mutual funds, ETFs, closed-end and interval funds. Daily data delivered by SFTP or S3.
A security master is the record every valuation depends on. Let's discuss how CUSIP, ISIN, and FIGI work, why CLO tranches strain them, and how that affects pricing.
Direct lending explained: how middle market loans are structured, what unitranche means, how BDCs hold private credit, and why these loans are hard to price.
A practitioner's guide to CLO ETFs: what a collateralized loan obligation ETF holds, how the wrapper changes risk and liquidity, and how these funds are valued.
Learn what leveraged loans are, how the broadly syndicated market works, and why these senior secured, floating rate loans anchor every CLO.
Structured credit explained: how pooling, tranching, and payment waterfalls work across CLOs, CMBS, ABS, and the esoteric corner of the market.
A look at how CLO equity works: where the residual tranche sits, how quarterly distributions are paid, what interrupts them, and why the position is hard to value.
A practitioner's guide to collateralized loan obligations: capital structure, coverage tests, the deal lifecycle, CLO equity, and how tranche pricing is derived.
