S&P 500 7,408.50 (-1.2%) · 10Y Treasury Yield 4.60% (+13bps) · Gold $4,543.60 ($-134.50 (-2.9%)) · VIX 18.43 (+6.8%)
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Daily Market Brief
Friday, May 15th, 2026
The 56 Maple Daily Brief is a curated macro and markets summary built for private equity investors and operators.
It tracks 40+ key indicators across rates, credit, equities, currencies, commodities, flows, and real estate. Highlighting what moved and why.
Delivered each day with AI-powered interpretation and relevant analysis via the lastest Anthropic Model.
10Y Treasury Yield
4.60%
+13bps
Crude Oil (WTI)
$101.16
$-0.01 (-0.0%)
Gold
$4,543.60
$-134.50 (-2.9%)
Macro Interpretation
AI-generated synthesis · claude-sonnet-4-20250514 · Friday, May 15th, 2026
Bonds
The curve is steepening sharply with the 5Y and 10Y yields surging 25 bps and 23 bps respectively over the week while the 2Y held steady. This dramatic bear steepening reflects markets pricing in persistent inflation pressures that will keep the Fed higher for longer, with real rates jumping 2% in just one week. The move suggests financial conditions are tightening rapidly as long-term borrowing costs spike. Conviction: HIGH.
Credit
High yield spreads actually tightened 1.1% over the week to 276 bps despite the sharp backup in Treasury yields, indicating solid risk appetite in corporate credit markets. Investment grade bonds fell more than high yield in price terms, creating a modest HY/IG ratio expansion that suggests investors are rotating toward higher-yielding credit as base rates rise. Credit markets are demonstrating resilience even as rates volatility picks up. Conviction: MODERATE.
Private Credit
BDCs fell 2.2% this week while leveraged loan ETFs held relatively stable, with BIZD down 8.1% year-to-date versus BKLN's modest gains. OBDC declined 1.2% weekly and sits 7.6% lower for the year, suggesting direct lending portfolios are facing valuation pressure from higher base rates. The divergence between passive loan exposure (BKLN/SRLN stable) and active BDC management (declining sharply) indicates active managers are seeing deterioration in credit quality that hasn't yet appeared in broad loan indices. Conviction: MODERATE.
Equities
Small caps led the decline with Russell 2000 down 2.4% for both the day and week, while equal-weight underperformed cap-weighted indices, signaling concentration risk as breadth narrows. The VIX spike to 18.43 (+7.2% weekly) confirms rising uncertainty, though levels remain manageable. Financials continue their year-long decline (-6.5% YTD) as rising rates create net interest margin pressure despite theoretically benefiting banks. Market structure suggests defensive rotation into mega-cap names. Conviction: HIGH.
Commodities
Oil surged 6% this week to over $101 while copper gained modestly, creating a mixed growth signal with energy strength potentially driven by geopolitical factors rather than pure demand. Agricultural commodities like wheat are up 25% year-to-date, suggesting supply-side inflation pressures that could complicate Fed policy. The commodity complex is painting an inflationary picture that aligns with the bond market's repricing of terminal rates. Conviction: MODERATE.
Flows / Liquidity
The Fed balance sheet expanded 0.5% this week while retail money market funds surged 2%, indicating flight-to-quality flows as investors seek yield at the short end. Housing permits fell sharply while starts jumped, creating conflicting signals on real estate demand, though the 30-year mortgage rate remains elevated at 6.36%. Liquidity conditions appear mixed with some accommodation from the Fed but defensive positioning by retail investors. Conviction: LOW.
Today's Environment
Transition - The market is caught between competing forces with bonds selling off on inflation concerns while credit spreads remain tight, creating an unstable equilibrium. Rising rates are pressuring rate-sensitive assets like REITs and BDCs while equity concentration increases, suggesting we're in the early stages of a regime shift toward higher-rate normalization.
Practical Investment Implications
Favor floating-rate assets and shorter-duration positions as the yield curve steepens and real rates rise. Direct lending and private credit strategies face headwinds from higher base rates, while traditional credit spreads remain attractive. Real estate and rate-sensitive equity sectors should be underweighted until the rate environment stabilizes.
One Key Change to Watch
Any deceleration in the 5Y-10Y yield surge would signal markets are finding a new equilibrium rather than continuing the inflationary repricing.
Bonds
2Y Treasury Yield
^IRX
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 3.59% |
+0bps |
-1bps |
-2bps |
+6bps |
As of May 15, 2026
Yield on short-term U.S. government debt, primarily driven by expectations for Federal Reserve policy over the next 1-2 years.
This is the market's real-time view of where the Fed is headed; when it rises, the market is pricing tighter policy or delayed cuts, and when it falls, it reflects expectations of easing or economic slowdown, making it one of the most important forward-looking policy indicators.
5Y Treasury Yield
^FVX
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 4.26% |
+14bps |
+25bps |
+35bps |
+52bps |
As of May 15, 2026
Intermediate-term Treasury yield that reflects both expected Fed policy and medium-term economic conditions.
This sits between short-term policy and long-term growth expectations, so changes here often signal a shift in the market's base-case economic outlook rather than just near-term Fed moves.
10Y Treasury Yield
^TNX
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 4.60% |
+13bps |
+23bps |
+29bps |
+41bps |
As of May 15, 2026
Benchmark long-term interest rate reflecting expectations for growth, inflation, and risk over a full economic cycle.
This is the most important rate for asset pricing; rising yields generally indicate stronger growth or higher inflation expectations and tighten financial conditions, while falling yields signal slowing growth, disinflation, or risk aversion, directly impacting valuations across equities and real estate.
30Y Treasury Yield
^TYX
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 5.13% |
+2.3% |
+3.7% |
+4.0% |
+5.4% |
As of May 15, 2026
Long-duration yield reflecting long-term economic expectations, inflation risk, and fiscal sustainability.
Movements here are less about near-term cycles and more about structural views on inflation and government debt, making it particularly relevant for long-duration assets and understanding long-term capital costs.
20+ Year Treasury Bond ETF
TLT
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $83.66 |
$-1.26 (-1.5%) |
$-2.42 (-2.8%) |
$-2.30 (-2.7%) |
$-2.09 (-2.4%) |
As of May 15, 2026
ETF representing long-duration U.S. Treasury bonds, inversely related to long-term yields.
This acts as a real-time proxy for long-duration risk; when TLT falls, it indicates rising long-term rates and tightening financial conditions, and when it rises, it reflects declining yields and easing conditions, often coinciding with risk-off environments.
High Yield Corporate Bond ETF
HYG
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $79.46 |
$-0.39 (-0.5%) |
$-0.68 (-0.8%) |
$-0.47 (-0.6%) |
+$0.38 (+0.5%) |
As of May 15, 2026
ETF representing below-investment-grade corporate debt, combining credit risk and interest rate exposure.
This is a key proxy for credit risk appetite; rising prices suggest easy financial conditions and strong risk tolerance, while falling prices indicate widening credit spreads and increasing concern about defaults or economic stress.
Investment Grade Corporate Bond ETF
LQD
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $107.86 |
$-0.69 (-0.6%) |
$-1.34 (-1.2%) |
$-1.14 (-1.0%) |
$-0.64 (-0.6%) |
As of May 15, 2026
ETF representing high-quality corporate bonds with lower credit risk than high yield.
This reflects both interest rate movements and corporate credit quality; weakness here can signal tightening financial conditions even before equity markets react, particularly if driven by spread widening rather than rates.
Fed Funds Effective Rate
DFF
· FRED
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 3.63% |
+0.0% |
+0.0% |
-0.3% |
-0.3% |
As of May 14, 2026
The actual overnight rate at which banks lend reserves to each other, reflecting current Fed policy.
This is the anchor of the entire rate system; changes here directly influence borrowing costs across the economy and serve as the baseline against which all other yields are evaluated.
2s10s Yield Curve Spread
T10Y2Y
· FRED
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 0.47% |
-2.1% |
-4.1% |
-11.3% |
-34.7% |
As of May 14, 2026
Difference between 10-year and 2-year Treasury yields, measuring the slope of the yield curve.
This is a core economic signal; an inverted curve (negative spread) suggests restrictive policy and elevated recession risk, while a steepening curve typically reflects either improving growth expectations or easing financial conditions.
5Y Breakeven Inflation
T5YIE
· FRED
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 2.67% |
-1.1% |
+2.3% |
+2.3% |
+17.1% |
As of May 14, 2026
Market-implied average inflation over the next 5 years derived from nominal vs TIPS yields.
This reflects near-to-medium-term inflation expectations; rising breakevens indicate increasing inflation expectations, while falling breakevens suggest disinflation or weakening demand.
10Y Breakeven Inflation
T10YIE
· FRED
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 2.47% |
+0.0% |
+0.8% |
+3.3% |
+9.8% |
As of May 14, 2026
Market-implied inflation expectations over the next 10 years.
This provides a longer-term view of inflation credibility; stable levels suggest anchored expectations, while large moves signal shifts in confidence around long-term price stability.
10Y Real Rate (TIPS)
DFII10
· FRED
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 2.00% |
+0.5% |
+2.0% |
+5.3% |
+3.1% |
As of May 14, 2026
Inflation-adjusted yield on 10-year Treasuries, representing the real cost of capital.
This is one of the most important variables for asset valuation; rising real rates tighten financial conditions and pressure risk assets, while falling real rates support higher valuations and economic activity.
ICE BofA US High Yield Spread
BAMLH0A0HYM2
· FRED
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 2.76% |
-2.1% |
-1.1% |
-3.2% |
-2.5% |
As of May 14, 2026
Option-adjusted spread of US high yield corporate bonds over Treasuries.
The price of credit risk. Below 3% = euphoria, risk underpriced. 3-5% = normal. Above 5% = stress building. Above 8% = crisis-level credit distress.
US Equities
S&P 500 Equal Weight
RSP
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $201.56 |
$-2.10 (-1.0%) |
$-2.54 (-1.2%) |
+$0.92 (+0.5%) |
+$9.52 (+5.0%) |
As of May 15, 2026
Equal-weighted version of the S&P 500, removing concentration in mega-cap stocks.
This helps assess market breadth; if it lags the standard index, it indicates narrow leadership, while outperformance signals broad participation across stocks.
Financial Select Sector SPDR
XLF
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $51.10 |
$-0.19 (-0.4%) |
$-0.14 (-0.3%) |
$-0.93 (-1.8%) |
$-3.55 (-6.5%) |
As of May 15, 2026
ETF tracking U.S. financial institutions including banks and insurers.
Financials are highly sensitive to rates and credit conditions; strength suggests healthy lending and economic expansion, while weakness can signal tightening credit or stress in the financial system.
S&P 500
^GSPC
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 7,408.50 |
-1.2% |
+0.1% |
+5.2% |
+8.0% |
As of May 15, 2026
Market-cap-weighted index of 500 large U.S. companies.
This is the primary benchmark for U.S. equities; movements reflect a combination of earnings expectations, interest rates, and risk appetite, making it a broad indicator of financial conditions.
Nasdaq Composite
^IXIC
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 26,225.14 |
-1.5% |
-0.1% |
+8.8% |
+12.9% |
As of May 15, 2026
Index heavily weighted toward technology and growth-oriented companies.
This is highly sensitive to interest rates and liquidity; outperformance typically signals strong risk appetite and falling discount rates, while underperformance often reflects tightening conditions.
Dow Jones Industrial Average
^DJI
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 49,526.17 |
-1.1% |
-0.2% |
+2.0% |
+2.4% |
As of May 15, 2026
Price-weighted index of 30 large, established U.S. companies.
This tends to reflect more traditional, cyclical sectors and can provide a view into industrial and economic sensitivity relative to growth-heavy indices.
Russell 2000
^RUT
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 2,793.30 |
-2.4% |
-2.4% |
+2.7% |
+11.4% |
As of May 15, 2026
Index of small-cap U.S. companies.
This is a proxy for domestic economic strength and credit sensitivity; outperformance suggests strong growth and easy financial conditions, while weakness indicates stress in smaller, more leveraged businesses.
VIX
^VIX
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 18.43 |
+6.8% |
+7.2% |
+2.7% |
+27.0% |
As of May 15, 2026
Implied volatility of S&P 500 options, often called the "fear index."
Elevated levels indicate market stress and uncertainty, while low levels suggest complacency and stable conditions, making it a key barometer of risk sentiment.
Currencies & Gold
EUR/USD
EURUSD=X
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 1.1631 |
-0.7% |
-0.9% |
-1.5% |
-1.0% |
As of May 15, 2026
Exchange rate between the euro and U.S. dollar.
Reflects relative economic strength and monetary policy between the U.S. and Europe, often serving as a proxy for global macro positioning.
USD/JPY
JPY=X
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 158.7310 |
+0.6% |
+1.2% |
-0.0% |
+1.3% |
As of May 15, 2026
Exchange rate between the U.S. dollar and Japanese yen.
Highly sensitive to interest rate differentials; a rising pair typically reflects higher U.S. yields and global carry trades, while declines often occur during risk-off periods.
GBP/USD
GBPUSD=X
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 1.3324 |
-1.5% |
-1.7% |
-1.8% |
-1.1% |
As of May 15, 2026
Exchange rate between the British pound and U.S. dollar.
Reflects UK-specific economic conditions and policy relative to the U.S., with sensitivity to global risk sentiment.
Gold
GC=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $4,543.60 |
$-134.50 (-2.9%) |
$-176.80 (-3.7%) |
$-241.80 (-5.1%) |
+$229.20 (+5.3%) |
As of May 15, 2026
Precious metal used as a store of value.
Typically rises during periods of declining real rates, inflation concerns, or geopolitical risk, serving as a hedge against monetary instability.
Bitcoin
BTC-USD
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $79,053.14 |
$-1,998.11 (-2.5%) |
$-3,085.79 (-3.8%) |
+$1,597.83 (+2.1%) |
$-9,678.84 (-10.9%) |
As of May 15, 2026
Digital asset often viewed as a speculative or alternative store of value.
Highly sensitive to liquidity and risk appetite; strong performance often coincides with easy financial conditions and speculative behavior.
Commodities
Crude Oil (WTI)
CL=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $101.16 |
$-0.01 (-0.0%) |
+$5.74 (+6.0%) |
+$6.47 (+6.8%) |
+$43.84 (+76.5%) |
As of May 15, 2026
Benchmark price for U.S. crude oil.
Rising oil prices can signal strong demand or supply constraints and tend to be inflationary, while falling prices often indicate weakening global growth.
Natural Gas
NG=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $2.96 |
+$0.07 (+2.3%) |
+$0.20 (+7.4%) |
+$0.31 (+11.9%) |
$-0.66 (-18.2%) |
As of May 15, 2026
Price of natural gas, a key energy input.
Often more supply-driven but still relevant for inflation and industrial activity, particularly in energy-sensitive regions.
Copper
HG=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $6.29 |
$-0.28 (-4.2%) |
+$0.04 (+0.6%) |
+$0.22 (+3.7%) |
+$0.65 (+11.5%) |
As of May 15, 2026
Industrial metal widely used in construction and manufacturing.
Often called "Dr. Copper," it is a leading indicator of global economic activity, with rising prices signaling growth and falling prices indicating slowdown.
Silver
SI=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $76.29 |
$-8.62 (-10.1%) |
$-4.10 (-5.1%) |
$-2.31 (-2.9%) |
+$5.74 (+8.1%) |
As of May 15, 2026
Silver futures. Industrial metal and precious metal hybrid.
Dual nature: industrial demand (solar, electronics) and safe-haven store of value. Outperforming gold = industrial optimism. Underperforming = pure fear bid favoring gold.
Soybeans
ZS=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $1,177.25 |
+$2.75 (+0.2%) |
$-17.00 (-1.4%) |
+$13.50 (+1.2%) |
+$147.75 (+14.4%) |
As of May 15, 2026
Soybean futures. Agricultural bellwether and food inflation proxy.
Key input for animal feed and cooking oil. Rising = food inflation pressure, supply disruption (weather, trade policy). Falling = bumper crops or demand destruction.
Wheat
ZW=F
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $635.50 |
$-11.50 (-1.8%) |
+$28.00 (+4.6%) |
+$37.00 (+6.2%) |
+$129.00 (+25.5%) |
As of May 15, 2026
Wheat futures. Global food security and geopolitical risk indicator.
Staple food commodity sensitive to weather, war, and trade restrictions. Spikes signal food inflation risk and geopolitical supply disruption.
Institutional Flows
Fed Balance Sheet Total Assets
WALCL
· FRED
· Weekly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 6,728,502.00 |
+0.3% |
+0.5% |
+2.6% |
+2.4% |
As of May 13, 2026
Federal Reserve total assets in millions. Proxy for liquidity injections.
Rising = Fed expanding balance sheet, adding liquidity, supportive for risk assets. Falling = quantitative tightening, draining liquidity, headwind for all asset prices.
Initial Jobless Claims
ICSA
· FRED
· Weekly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 211,000.00 |
+6.0% |
-3.2% |
-5.8% |
+1.9% |
As of May 9, 2026
Weekly new unemployment insurance claims in thousands.
The fastest labor market pulse. Below 225K = tight labor market. Rising trend above 300K = layoffs accelerating, recession risk climbing.
iShares TIPS Bond ETF
TIP
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $110.61 |
$-0.40 (-0.4%) |
$-0.79 (-0.7%) |
$-0.02 (-0.0%) |
+$1.30 (+1.2%) |
As of May 15, 2026
TIPS ETF. Proxy for inflation protection demand.
Rising = investors buying inflation protection, real yields falling. Falling = inflation fears fading or real yields rising and punishing duration.
Retail Money Market Funds
WRMFNS
· FRED
· Weekly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 2,298.20 |
+0.3% |
+2.0% |
+3.9% |
+1.8% |
As of April 6, 2026
Retail money market fund assets in billions. Cash on the sidelines.
Record highs = massive cash parked defensively, potential fuel for future equity rally. Falling = money moving out of cash into risk assets, bullish rotation underway.
Real Estate Proxies
Vanguard Real Estate ETF
VNQ
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $93.91 |
$-1.41 (-1.5%) |
$-2.71 (-2.8%) |
$-1.25 (-1.3%) |
+$6.33 (+7.2%) |
As of May 15, 2026
ETF tracking publicly traded U.S. real estate investment trusts.
Reflects the impact of rates and economic conditions on real estate valuations, often acting as a liquid proxy for private market trends.
SPDR Homebuilders ETF
XHB
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $96.32 |
$-3.77 (-3.8%) |
$-6.19 (-6.0%) |
$-6.04 (-5.9%) |
$-7.91 (-7.6%) |
As of May 15, 2026
ETF tracking U.S. homebuilding companies.
Highly sensitive to mortgage rates and housing demand, providing a forward-looking view on residential real estate activity.
iShares MBS ETF
MBB
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $93.57 |
$-0.70 (-0.7%) |
$-1.34 (-1.4%) |
$-1.34 (-1.4%) |
$-0.25 (-0.3%) |
As of May 15, 2026
ETF representing mortgage-backed securities.
Reflects conditions in mortgage financing markets; weakness often indicates widening spreads and tighter housing finance conditions.
30Y Fixed Mortgage Rate
MORTGAGE30US
· FRED
· Weekly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 6.36% |
-0.2% |
-0.2% |
+2.4% |
+3.2% |
As of May 14, 2026
Freddie Mac 30-year fixed-rate mortgage average.
The rate that drives housing affordability. Above 7% = demand destruction. Below 6% = refis restart and buyers return. Every 1% move reprices monthly payments ~10%.
Housing Starts
HOUST
· FRED
· Monthly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 1,502.00 |
+10.8% |
+18.1% |
+13.2% |
+7.4% |
As of March 1, 2026
New residential construction starts in thousands of units.
Leading indicator of housing supply and builder confidence. Rising = builders see demand. Falling = rates or costs choking new construction.
Existing Home Sales
EXHOSLUSM495S
· FRED
· Monthly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 4,020,000.00 |
+0.2% |
-1.7% |
N/A |
+0.0% |
As of April 1, 2026
Existing home sales in millions of units annualized.
Volume indicator for the resale market. Falling = lock-in effect as owners hold low-rate mortgages. Rising = rate relief thawing the frozen housing market.
S&P/Case-Shiller Home Price Index
CSUSHPINSA
· FRED
· Monthly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 327.31 |
+0.3% |
-0.5% |
+1.1% |
+0.3% |
As of February 1, 2026
National home price index. The definitive measure of US house prices.
The gold standard for home price trends. Rising = wealth effect for homeowners, affordability squeeze for buyers. Falling = negative equity risk, consumer retrenchment.
Building Permits
PERMIT
· FRED
· Monthly
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 1,363.00 |
-11.4% |
-3.4% |
-6.7% |
-1.7% |
As of March 1, 2026
New privately-owned housing units authorized in thousands.
Leading indicator — permits precede starts by 1-2 months. Rising = pipeline building, builder optimism. Falling = future supply contraction ahead.
Private Credit
Senior Loans / Leveraged Loans (BKLN)
BKLN
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $20.61 |
$-0.05 (-0.2%) |
$-0.04 (-0.2%) |
+$0.16 (+0.8%) |
+$0.03 (+0.2%) |
As of May 15, 2026
Tracks leveraged loans (floating-rate senior secured). Core of private credit collateral.
The canary in private credit. Falling prices = stress in leveraged borrowers and CLOs. Floating-rate means rising rates hit these borrowers first.
Business Development Companies (BIZD)
BIZD
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $12.61 |
$-0.02 (-0.2%) |
$-0.29 (-2.2%) |
$-0.35 (-2.7%) |
$-1.11 (-8.1%) |
As of May 15, 2026
ETF of publicly traded BDCs — the closest public proxy for private direct lending.
BDCs are the public window into private credit. Falling BIZD = rising defaults or NAV markdowns in direct lending portfolios. Discount to NAV widens when credit stress builds.
Blue Owl Capital Corporation (OBDC)
OBDC
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $11.21 |
$-0.05 (-0.4%) |
$-0.14 (-1.2%) |
$-0.39 (-3.4%) |
$-0.92 (-7.6%) |
As of May 15, 2026
Largest publicly traded direct lending BDC. Blue Owl's flagship private credit vehicle.
OBDC is the single best public read on private credit health. Price vs NAV discount signals market confidence in direct lending book values. Widening discount = market doubts marks on underlying loans.
Actively Managed Senior Loans (SRLN)
SRLN
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| $40.51 |
$-0.07 (-0.2%) |
$-0.07 (-0.2%) |
+$0.40 (+1.0%) |
+$0.17 (+0.4%) |
As of May 15, 2026
Actively managed leveraged loan fund. Complements BKLN with a manager-selected view.
When SRLN diverges from BKLN, active managers are seeing something passive indexing misses. Watch for widening gap during stress.
HY / IG Spread Proxy (HYG÷LQD)
HYG
· YAHOO
· Daily
| Current |
1 Day |
1 Week |
1 Month |
YTD |
| 0.7367 |
+0.1% |
+0.4% |
+0.5% |
+1.1% |
As of May 15, 2026
Ratio of high-yield to investment-grade bond ETFs. Proxy for credit spread direction.
Rising ratio = credit spreads tightening, risk appetite healthy. Falling ratio = spreads widening, stress migrating from junk toward quality.
56 Maple is a Chicago-based family office and investment platform focused on long-term capital deployment across real estate, private operating companies, as well as sponsor-led transactions. Rooted in a multigenerational real estate background, the firm partners with operators and sponsors to invest in cash-flowing assets and businesses with strong fundamentals. 56 Maple emphasizes disciplined underwriting, aligned incentives, and a long-term ownership mindset.