For over a decade, software has been the darling of investors. The reasons were evident long before the pandemic made the sector impossible to ignore. Recurring revenue, high retention rates, and sticky enterprise contracts offered lenders a business model that was both predictable and perceived to be resilient through any economic downturn. The pandemic accelerated that dynamic...
Quote of the Week
"The one thing we have to be very careful not to do is paint all of software with a broad brush.” – Vivek Bantwal, Goldman Sachs (Bloomberg).
Featuring Charts
Chart of the Week: The Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral
Read More
Chart of the Week: Value Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit stability. Source: KBRA DLD Default Research, as of Apr. 28, 2026.
Read More
Chart of the Week: At Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing what’s behind the number matters as much as the number itself. Source: BofA Global Research.
Read More
Chart of the Week: Queue Here
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information, including U.S. Securities and Exchange Commission filings.
Read More
Chart of the Week: Ex Uno, Plures
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and Private Markets (April 2026)
Read More
Chart of the Week: Different Strokes
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
Read More
Subscribe Now!
Join the leading voice of the middle market. Try us free for 30 days.
Click here to view the Newsletter sample.
What is the Lead Left?
- One-stop source for deals and data
- Market trend commentary and analysis
- Exclusive interviews with thought leaders
View Article By
Features
Bloomberg: Leveraged Lending Insights – 5/11/2026
US Leveraged Loan Launches Ramp Up on Market Optimism Click here to access Bloomberg’s US Leveraged Finance Chartbook The US leveraged loan market has seen launches totaling $34.75b through Wednesday April 13, marking the first time weekly launches have topped $30b since February. The market has struggled to regain momentum following a sharp slowdown in…
Octus: Private Credit & Deal Origination Insights – 5/11/2026
Spreads Widened Large Cap Deals, Were Relatively Flat for Middle Market Deals If you are interested in the full report, please email kim.giancaspro@octus.com While the year typically starts quietly, increased BDC redemptions, AI disruption concerns, and a sluggish M&A environment hindered deal flow…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 5/11/2026
U.S. Private Credit and Middle Market Performance Monitor: 1Q26 Click here to learn more. Private Credit Default Rates The PMR default rate based solely on bankruptcies, liquidations, and out-of-court restructurings was 1.9%…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 5/11/2026
Technology loans move higher but continue to trade at a discount to the broader secondary market Technology loans continue to trade at a discount to the broader secondary market, as investors have reassessed their exposure to the software sector amid fears that AI could disrupt companies in this sector…. Subscribe to Read MoreAlready a member?
The Pulse of Private Equity – 5/11/2026
PE exit activity by quarter Download PitchBook’s Report here. US PE exit activity pulled back in Q1 2026, as the many headwinds made it difficult to maintain the momentum seen in H2 2025…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market Deal Terms at a Glance
provided by
Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
Our Content Partners
