Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at the height of the GFC. Source: Apollo

Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral

Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit stability. Source: KBRA DLD Default Research, as of Apr. 28, 2026.

Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing what’s behind the number matters as much as the number itself. Source: BofA Global Research.

Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information, including U.S. Securities and Exchange Commission filings.

Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and Private Markets (April 2026)

Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research

Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.

Investors bombarded with scary headlines worrying less about real private credit risks. Source: PitchBook

IT deals commanded a larger piece of the M&A pie in 2025. Source: PitchBook