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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 
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 In the charts above, Fitch presents aggregate data for issuers in its PMR…
Continuation-fund-related exit count
For Q1 2026, we tracked 38 exits through continuation funds totaling $10.8 billion when including estimates for nondisclosed transactions.
BDC share price to net asset value remains under pressure
BDC valuations remain under pressure, driven by negative headlines around private credit and fears around the potetial impact of AI…
US Leveraged Loan Launches Ramp Up on Market Optimism
The US leveraged loan market has seen launches totaling $34.75b through Wednesday April 13, marking the first time weekly launches…
Large Cap Spreads Widened, Middle Market Held Steady
Spreads Widened Large Cap Deals, Were Relatively Flat for Middle Market Deals
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
The PMR default rate based solely on bankruptcies, liquidations, and out-of-court restructurings was 1.9%.
Technology loans move higher but continue to trade at a discount to the broader secondary market
Technology loans continue to trade at a discount to the broader secondary market, as investors have reassessed their exposure to…
The Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral
Percentage of First-Lien Institutional Loans That Cleared with Key Covenant Terms
PE exit activity by quarter
US PE exit activity pulled back in Q1 2026, as the many headwinds made it difficult to maintain the momentum seen in H2 2025.
Can senior debt’s strong performance be maintained?
The IRRs delivered by the strategy since 2017 have been impressive. The asset class is coming under scrutiny but will…
The OG of Private Credit: Par for the Course
What is a loan worth? At its core, a loan’s value is driven by two forces: credit risk (the likelihood the borrower repays) and market risk…
Value Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit…
US Leveraged Loans Post Largest Monthly Gain Since Last May
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 1.18% to investors in April, marking the largest monthly gain since…
AI shockwaves expose concentration risk in tech‑led direct lending
Technology companies have consistently accounted for more than one-third of direct lending issuance over the past three years. In 2025…
The OG of Private Credit: The Dot Calm
For over a decade, software has been the darling of investors. The reasons were evident long before the pandemic made the sector impossible to ignore.