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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 
Easing Down
Defaults for the overall leveraged loan market are at lowest point since 2023. Source: The Daily Shot, PitchBook/LCD, Morningstar LSTA US…
US Leveraged Loan Issuance Tapers Off in November
November’s $53.6b of US institutional leveraged loan issuance was down $9.7b, or 15.3%, from the previous month’s $63.3b, marking a…
Middle Market Deal Terms at a Glance - November 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The record setting continues as BDC AUM reaches US$534bn
Investors continue to allocate more capital to BDCs and in turn the upward growth trajectory shows no sign of slowing,…
Average Free-and-Clear Cap (× Pro Forma Adjusted EBITDA)
(Past performance is no guarantee of future results.)
US Life Insurer Investment Risk Rising from Private Letter Ratings
Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar The rapid…
Private capital dry powder ($B)
Download PitchBook’s Report here. Enough capital was raised to more than compensate for the capital calls issued thus far in 2025 to…
The rise of secondaries
Our Perspectives 2026 survey confirms that secondaries are growing in investor popularity. Secondaries have quickly moved from the periphery of…
2026 Outlook: Setting the Table
A conversation this week between business TV anchors included the following half-joking observation: “Credit managers are saying, ‘Our 2026 outlook…
Prime Cut
A low probability just weeks ago, chances for a 25 bp cut now seem likely. Source: The Daily Shot
Leveraged Loan Launches Ramp Up in November
Click here to access Bloomberg’s US Leveraged Finance Chartbook
High-yield bond market roars in September with all-time high volumes
High-yield (HY) bond issuance in September rose to the highest volume on record, according to Debtwire data. The USD 55bn issued…
Percentage of First Lien Loans with Affected Lender Voting Protection
(Past performance is no guarantee of future results.)
U.S. Private Credit Exposure Rising in Sectors with Stretched Valuations
Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Direct lenders’…
Private debt nowcast versus reported return
Download PitchBook’s Report here. The Private Debt Barometer remains stable and near neutral with a score of 54, producing a nowcast…
2026 Outlook: Dress for Success
The surprise of 2025’s post-Liberation Day risk-on dynamic across markets has established a pattern we expect to continue well into…