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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 
Average Non-Accrual Marks Improved Across Most Top Sectors
Average Marks (FMV / Par) on Non-Accrual Drawn Loans Increased for 3 of the Top 5 Sectors in Q3’25 Click…
US Private Credit Defaults Hit New Highs but Losses Remain Contained
At 9.2%, the default rate within Fitch’s privately monitored ratings (PMR) portfolio exceeded the default rate recorded for Fitch’s broadly syndicated loan (BSL) universe which reached 4.5% for the year.
PE exit activity
Download PitchBook’s Report here. US PE exit activity is now clearly out of the woods, securing not only a second consecutive…
US primary market loan yields increase to their highest level since April 2025
The average primary market yield, assuming a three-year term to repayment on first-lien institutional term loan Bs, has widened to…
M&A Activity Provides Support to Stalling US Leveraged Loan Market
Click here to access Bloomberg’s US Leveraged Finance Chartbook The US leveraged loan market has struggled to regain momentum following…
LPs are choosing to stay positive
For investors in private credit wanting to build up their allocations, criticism of the asset class is a sideshow –…
The IT Factor
IT deals commanded a larger piece of the M&A pie in 2025. Source: PitchBook
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M)
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
U.S. Sub-Investment Grade SaaS Companies - QRT Revenue Growth YoY
U.S. Sub-Investment Grade SaaS Companies – QRT Revenue Growth YoY Click here to watch Octus Webniar: Investor’s Guide to Navigating…
US Private Credit Defaults Hit New Highs but Losses Remain Contained
The default rate in Fitch Ratings’ privately monitored ratings (PMR) portfolio hit 9.2% in 2025, a new high, up significantly from 8.1% in 2024.
Multiples on BSL-funded LBOs
Download PitchBook’s Report here. Debt capacity limitations have meant sponsors are pressured to deploy more equity capital to fund their portfolio…
US LevFin issuance slips in February amid softer, more volatile market backdrop
US LevFin issuance topped US$160bn in February, although business slipped 11% from January amid a noticeably weaker market backdrop. Bank…
US Leveraged Loans Extend Declines in February
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted…
The challenge of retail capital becomes evident
Private credit fund redemptions have put semi-liquid, evergreen funds firmly in the spotlight. The three “Bs” – Blackstone, BlackRock and…
Why Private Equity Matters (Last of a Series)
For most of its history, private equity was built for institutions – pension funds, endowments, sovereign wealth funds. Individual investors…