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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
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August 5, 2026 
Multiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
US Leveraged Loan Issuance Slows to $76.5b in July
The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…
Spread premium tightened slightly in Q2'26
One bright spot for lenders in Q2 was that average spreads edged higher for the second straight quarter.
U.S. private credit default rate reaches new high in 2Q26
Fitch Ratings’ U.S. Private Credit Default Rate (PCDR) rose to a new high in 2Q26, according to a new report.
More than 70% of public BDCs now trade below 0.80x NAV
BDC valuations remain under pressure as investors have become more selective toward private credit this year. Concerns over AI-related risks…
Private pensions and insurers top the commitment charts
Our Investor Report delves into the extent of commitments made to private credit by different institutions. In last month’s column,…
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 12.3% as…
PE middle-market pooled IRR and TVPI by TEV size bucket
The lower end of the middle market has generated better returns on average and does not come with significantly more left-tail risk
Private credit - Signals, concerns, and manager selection
A conversation with Sonali Basak, Chief Investment Strategist at iCapital.
Investors exit retail loan funds in July
Investors in leveraged loans have been pulling money from retail funds in recent weeks, with redemptions outpacing investments by $253.3b…
Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.