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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 
Investors Price in Expectations for Potential Future Rate Hikes
The CME Term SOFR six-month rate reached a recent high of 3.884% on June 23, representing its widest premium over…
Fundraising soars above the drama
It’s been a bad year for news headlines, but a great year on the institutional fundraising frontline. You could be…
Weathering the Storm
Service-oriented companies typically hold up through any forecast. Source: Cliffwater Direct Lending Index.
Retail Loan Funds See Outflows in final week of June
Demand for leveraged loans has been muted in recent weeks, with redemptions outpacing investments by $22.59b in the week ending…
Strong Primary Issuance Masks Fragile Loan Sentiment
Stronger primary issuance and rising bids mask fragility in leveraged loan market sentiment – DebtDynamics NorthAm Secondary loan prices rallied…
Credit Journal-Private Credit
Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary.
PE IRR Distribution by TEV Size Bucket
Pooled IRRs for recent middle-market vintages have compressed alongside the broader cycle.
US syndicated loan volume hits $465B as investment-grade lending jumps 22%
At US$465bn, 2Q26 US syndicated loan volume buoyed by 22% jump in investment grade lending US lenders completed over US$936Bn…
Lessons Learned
Experience is a tough teacher, but the best managers pass the test. Source: Cliffwater Direct Lending Index.
US Leveraged Loan Issuance Holds Steady in June
The US leveraged loan market has continued to see steady levels of issuance, with approximately $69.1b priced through June 24…
46% of traded BDCs had over 5% non-accrual exposure in Q1'26
46% of Traded BDCs Had Over 5% of Nonaccrual Exposure (at Cost Value) in Q1’26, up From 31% in Q4’25
BDC valuations weaken as leverage and dividend pressure rise
BDC Valuations Weaken in 1Q26 as Leverage Rises and Dividend Pressure Builds Click here to download report. Business development company…
The Business of Private Credit: History 101
Last week we kicked off our special series on middle market industries with an overview of why they should matter for private credit investors. This week we provide some historic context.