About this reference
Who publishes it, how it is put together, what it deliberately does not do.
Who
This site is published by Wall Street Wiki. A reference published by the wallstreet.wiki network. Every figure is stated as a formula and recomputed from it, every convention names the authority that sets it, and corrections are versioned and dated.
Why it exists
Private credit is explained qualitatively almost everywhere and quantitatively almost nowhere, which is where the confusion begins: the terms that decide who gets paid what are arithmetic, and the arithmetic is short. This reference states it. Every entry that changes a payment, a recovery, a covenant headroom, or a fee carries an explicit formula and a worked example whose numbers compute. Notation is uniform throughout. P is par principal and Q a tranche quantum; B is the base rate, F the base-rate floor, CSA the credit spread adjustment and S the credit spread, so the cash coupon r = max(B, F) + CSA + S. OID and fees are quoted in points of par, where one point is one percent of P. Y is an all-in yield, n the years to stated maturity and m the years to an assumed take-out. EV is enterprise value and claims and quantums are stated in turns of EBITDA where that is how they are negotiated. In fund arithmetic, E is equity or net assets, D is fund-level debt, L = D/E the leverage ratio, c the all-in cost of that debt, and R_a and R_e the asset-level and equity-level returns. In loss arithmetic, d is the annualised default rate on par, R the recovery on defaulted par, and LGD = 1 - R. Rates are decimals unless quoted in basis points, where 100 bps is 1.00 percent. Statutory limits, accounting standards, and named market conventions are cited to their source. Everything else - spreads, fee rates, default rates, leverage levels - appears only as an illustrative input chosen to make a calculation legible. Nothing here is a market-terms survey and no number in a worked example should be read as a benchmark or a typical level.
How it is built
Every page here is generated from a single reviewed data file. That has consequences worth stating: the content is a data edit rather than a code change, every page has a JSON twin carrying the same facts without markup, and the review date attached to a page comes from the data file rather than from the build clock - so rebuilding without changing anything does not make the content look fresher than it is.
| Property | This site |
|---|---|
| Licence | CC BY 4.0 - https://creativecommons.org/licenses/by/4.0/ |
| Content reviewed | 2026-08-27 |
| Machine-readable corpus | /index.json and /llms-full.txt |
| Change feed | /changes.json - poll this instead of re-crawling |
| Network | 9 sibling references, indexed at wallstreet.wiki |
| Third-party requests | None. No fonts, no CDN, no analytics, no trackers on any page. |
| Contact | [email protected], or the form. Corrections get answered first. |
What is deliberately not here
No investment performance figures. Not because there are none, but because an unaudited return published on a commercial site is the specific thing securities counsel warns about, and the antifraud rules reach a publisher whether or not they are a registered adviser. If figures ever appear here they will have been reviewed first.
No recommendations. Nothing on this site says what to buy, when, or in what size. It states how the arithmetic works. That line is deliberate: impersonal, generally circulated financial writing is publishing, and personalised advice is something else with a different regulatory regime attached.
No market levels presented as fact. Every number in a worked example is an input chosen so the arithmetic can be checked, not an observation of where anything trades. Structures and formulas are durable; levels are not, and a stale level stated confidently is worse than no level at all.
Corrections
If a formula or a worked figure here is wrong, that is worth more to fix than anything else on the site, and the fastest route is the contact form. Corrections are recorded in the change feed with a date, so what changed and when is auditable rather than silently overwritten.