An Update on Cadence Surveillance Reports

Over the course of 2020, Cadence became the first alternative investment platform to deliver on unparalleled levels of transparency through the production and implementation of surveillance reports. 

We launched these reports last year as a way to help investors monitor and compare performance across different notes, originators, and asset classes. In a historically opaque private debt market, surveillance reports bring to light the ongoing performance of our short term note programs and are produced frequently, so that investors can actively participate in our marketplace by making investment decisions supported by wide-ranging data and analytics.

With over 1,000 surveillance reports created in 2020, investors were able to gain enhanced levels of visibility and identify any critical trends in performance levels.  While our reports provide critical analytics that unveil delinquencies, concentrations, compositions, and collections (to name a few,) we are constantly working to enhance the level of reporting by adding new views and working with our originator partners to get increased levels of data provision.

These reports have historically focused strictly on performance analytics, but we are now adding critical and timely updates to them if we uncover any key information that was not made available to Cadence prior to the deal closing. Going forward, surveillance reports will become the mechanism we use to deliver intra-deal updates about originators that are not specifically displayed in the charts of the report, deal pages, or deal documents. Examples of this can include potential events of undercollateralization, receivables defaulting, or any other update that investors should be made aware of while the note is still outstanding.

To help identify when a surveillance report has been amended with a critical update, the title of the report will contain an asterisk (*). Our primary goal in all endeavors in this market is to deliver unparalleled levels of transparency, and we hope to continue delivering on this with the addition of these key updates to our reports.

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