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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor
(Past performance is no guarantee of future results.)
Introducing LCD’s dual-track default rate: Sponsors drive distressed exchanges
Download PitchBook’s Report here. In tandem with LCD’s legacy criteria capturing general defaults of missed payments and bankruptcy filings, LCD is…
BDC assets under management reach a new high of US$315bn
BDC assets under management (AUM) reached a new high of US$315bn at the end of 2023. The new record represented…
Stepping Down
Private borrower covenant (not payment) default rates fell for third straight quarter. Source: Lincoln International Proprietary Private Market Database(Past performance is…
Loan Stats at a Glance - 3/25/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Volatile times, but no distressed boom
Capital raising for distressed and special situations strategies has remained at modest levels since hitting a peak in 2019. Fundraising…
Median PE middle-market EV/EBITDA multiples
Download PitchBook’s Report here. Both EV/EBITDA and EV/revenue multiples tell a similar story for middle markets: Valuations reached their apex in…
The New Order: Leverage Finance in an Asset Management World (First of a Series)
In the same way, we think, private credit has grown from a back-water of middle market lending in the 1980’s…
Survey: Outlook for Middle-Market M&A Lending in 2Q24
According to preliminary results from LSEG LPC’s quarterly middle market lender outlook survey, a large majority, nearly 70%, of respondents…
Percentage of Deals with 75+ bps MFN
(Past performance is no guarantee of future results.)
LPs follow the pack
Our research indicates investors are keeping faith with mainstream strategies – at least for now. Conservatism appears to be the…
Middle Market Deal Terms at a Glance - March 2024
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Loan Stats at a Glance - 3/18/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Refi Madness
The reversal of refinancings between direct lenders and the liquid market is dramatic. Source: PitchBook LCD(Past performance is no guarantee of…
The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)
Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually…
The New Order: Leverage Finance in an Asset Management World (Last of a Series)
While private credit is growing in popularity with both investors and issuers, banks are seen to be struggling with the…