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June 26, 2026
Cadwalader partner David Gingold was quoted in a Risk.net article examining the rebound in bank lending commitments to business development companies, or BDCs, after a multi-year decline.
The article reports that the 20 largest BDCs added $11 billion in bank commitments in the first quarter, bringing total bank borrowing capacity to $131 billion, even as the sector continues to face scrutiny from regulators and investors.
David explained, “In the case of the bank, often when they are lending at the SPV level, the bank is approving, on an asset-by-asset basis, what the SPV is purchasing and, consequently, what the bank’s collateral is. The bank might be concerned about the BDC itself, but if they’re lending to an SPV, the bank may feel differently about its specific pool of collateral than it does about the BDC’s assets on the whole.”
His comments underscore how banks may view SPV-level lending differently from broader exposure to a BDC’s overall portfolio.
Read the full story on Risk.net.
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