Tens of thousands of homeowners with adjustable-rate mortgages are facing monthly payment increases as their rates reset next year. Borrowers with seven-year ARMs from 2020 face the largest category of resets, with a median monthly payment increase of 43%, or $1,269.
DoorDash has struck a deal to buy food-delivery rival Instacart for about $17 billion in cash and stock, adding a major grocery delivery partner to its growing roster of services. DoorDash said the deal values Instacart at $65 a share, an 11% premium.
Ares Capital Corp. is buying MidCap Financial Investment Corp., a $2.5 billion fund, from Apollo Global Management. Apollo put the underperforming fund up for auction after increased fear of defaults sparked a selloff in private-credit funds.
Private-equity firms are racing to negotiate loan extensions on much of a $300 billion wall of debt coming due starting in 2028. Software companies account for about one-third of the risky corporate loans scheduled to mature in 2028 and 2029.
Investors withdrew an estimated $30 billion from private-credit funds that are heavily marketed to individual investors in this year’s first three quarters.
The S&P 500 valuation multiple has dropped to 19.3 times projected earnings from 22.2 times at the start of the year as Treasury yields rise.
Healthcare-focused private-equity firm Sheridan Capital Partners has rounded up nearly $1.35 billion for two new funds, including closing on $245 million for its first vehicle focused solely on healthcare tech investments.
The dollar amount spent by U.S. households rose by 6.1% in the 12 months through August, up from annual growth of 4.3% at the end of last year.
The top 0.1% now control about $28 trillion, or about 15% of the nation’s total wealth, which amounts to nearly $186 trillion. The average wealth for a household in this group is more than $200 million.
