Studio b. LMMI · Index Brief
Quarterly spread, structure, and recovery data across the global lower middle market — sourced from SBA 7(a), Companies House workouts, and the LMM-eligible BDC universe. Market event commentary as it happens. We publish it because the benchmarks didn't exist — and LPs deserve the data before they commit capital.
Read the full methodology →§01 · Why we built this
Existing institutional benchmarks for the segment are subscription-only, built from the observable BDC universe. They are rigorous. They do not model below it.
Studio b. LMMI takes a different approach. Methodology is open and published. The headline quarterly print and weekly market commentary are free. The open methodology is auditable decision logic — the same model that underwrites the fund's strategy. Verified accredited LPs test it directly through the backtester at invest.b.studio. Detailed institutional data — full constituent universe, historical CSV, DD-grade brief — will be subscription-priced for researchers, journalists, and allocators.
Coverage extends beyond the BDC universe. SBA 7(a) loan data captures sub-BDC origination volume. UK Companies House workout records anchor cross-jurisdictional recovery rates. The methodology paper, the universe construction rules, and the calibration scope are all on lmmi.b.studio/methodology.
Read the full methodology paper →Briefs · New
Brief 001 · Inaugural · 2026-05-05
A 30,000-foot view of what Studio b. LMMI is, what it measures, and what v0.1 actually delivers.
The gap between the SBA floor and the BDC universe is the most durable spread-premium corner of private credit in the country — and it has no public benchmark. This brief names the gap, describes the multi-anchor approach Studio b. takes to model it, and is honest about what v0.1 ships today versus the v0.x roadmap.
Read brief 001 →Archive
Q1 2026 issue — in production.
Studio b. LMMI is repositioning. Subscribe above to get the next index issue when it ships, and the live ticker above will reflect every quarterly update.