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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 
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
M&A Snapshot by Total Debt Quantum
Click here to access to the full report. Click here to read the full 2026 outlook. While the much-anticipated surge…
U.S. Private Credit & Middle Market Monitor: 4Q25
In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers.
Platform LBO and growth equity deals as share of all PE deals
Download PitchBook’s Report here. Growth equity continues to represent a substantial share of PE deals. The strategy made up 21.2% of…
Private debt performance: what the DPI data shows
As part of a series of data-focused observations around private debt performance, we look at DPIs going back to 2010.…
Private-Side Only
US companies that go public are opting to stay private longer. Source: Jay Ritter, University of Florida; Apollo’s The Daily…
U.S. Private Credit & Middle Market Monitor: 4Q25
The U.S. PCDR rose to 5.6% for the TTM ending 4Q25, the second-highest level since tracking began in August 2024. This is just below the peak of 5.7% seen in both February and November 2025, but up from 5.4% in 3Q25.
Latest crop of loan defaults underscores how steep losses can get when credit situations go wrong
Secondary trading in the largest and most recently defaulted institutional loans offers a glimpse of how steep losses can get…
US Leveraged Loan Returns Start Year in the Red
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a negative return of -0.18% in January, marking the first monthly…
Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Issuance Volume Breakdown in U.S. Private and Public Debt Markets
Click here to read the full release. According to Octus data, 2025 credit issuance remained resilient for the second consecutive…
PE take-private deal activity
Download PitchBook’s Report here. Take-private deal value was buoyed by a handful of gargantuan deals, even as the number of transactions…
Credit secondaries take flight
Secondaries is a part of the private credit market that gained momentum last year and shows no signs of slowing.…
The Equity Premium
In the long-term private equity pays for more risk with better returns. Source: MSCI
Why Private Equity Matters (Part Four)
There are many faces of a leveraged buyout dollar. The private equity industry offers a robust landscape of strategies that…
Why Private Equity Matters (Part Five)
Modern portfolios are largely shaped around public markets, which are influenced by public sentiment as much as underlying fundamentals. However,…