How The Spread reports.
The rules every briefing follows, from the first draft to a correction. Published corrections and revisions appear in each article's publication history.
Who it is for
The Spread is built for US middle-market direct-lending analysts and portfolio teams. A briefing should help you prepare for a credit committee discussion or check on a loan you already hold: what changed, why it matters for underwriting or monitoring, and what the evidence cannot establish.
Automation and approval
Software gathers allowlisted sources and prepares drafts in a separate editorial system. Every publication requires explicit editor approval. Each article carries its own disclosure of how it was produced, and that disclosure is the record for that article. This page does not state which drafting method any article used. An approval records a workflow action; it does not establish the quality of an editor's review.
Facts, interpretation, and gaps
Material factual statements link to their supporting sources. Analysis is labeled as interpretation. Unconfirmed claims and missing information are identified rather than converted into facts. Repeated coverage is grouped conservatively. A link is evidence of provenance, not a guarantee that every claim is supported.
Updates and corrections
Source changes return a draft to review. Public articles keep their approved version until a replacement is approved. Each version records what changed and when. A correction explains the error rather than silently replacing it.
Market data
Charts show their definitions, sources, observation dates, retrieval dates, and limitations. Recorded observations and simulated workflow fixtures carry different labels. Public-market proxies do not measure private-loan transactions. Missing values remain missing.
Current limits
Coverage is limited to the allowlisted feeds, and the latest item reflects only what those feeds had published when they were last read. Nothing here claims proprietary market coverage, independent interviews, or continuous operation. Weekly research, licensed private-market datasets, and newsletter delivery remain separate milestones.