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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 
Private-Side Only
US companies that go public are opting to stay private longer. Source: Jay Ritter, University of Florida; Apollo’s The Daily…
U.S. Private Credit & Middle Market Monitor: 4Q25
The U.S. PCDR rose to 5.6% for the TTM ending 4Q25, the second-highest level since tracking began in August 2024. This is just below the peak of 5.7% seen in both February and November 2025, but up from 5.4% in 3Q25.
Latest crop of loan defaults underscores how steep losses can get when credit situations go wrong
Secondary trading in the largest and most recently defaulted institutional loans offers a glimpse of how steep losses can get…
US Leveraged Loan Returns Start Year in the Red
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a negative return of -0.18% in January, marking the first monthly…
Michael Schulman on AI, manager selection, and the next big wealth opportunities
A conversation with Michael Ashley Schulman, Partner and Chief Investment Officer at Running Point.
Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Issuance Volume Breakdown in U.S. Private and Public Debt Markets
Click here to read the full release. According to Octus data, 2025 credit issuance remained resilient for the second consecutive…
PE take-private deal activity
Download PitchBook’s Report here. Take-private deal value was buoyed by a handful of gargantuan deals, even as the number of transactions…
Credit secondaries take flight
Secondaries is a part of the private credit market that gained momentum last year and shows no signs of slowing.…
The Equity Premium
In the long-term private equity pays for more risk with better returns. Source: MSCI
Why Private Equity Matters (Part Four)
There are many faces of a leveraged buyout dollar. The private equity industry offers a robust landscape of strategies that…
U.S. Alt Manager Ratings Stable Despite 2026 Challenges
U.S. Alternative Investment Manager Ratings Stable Despite Challenging 2026 Click here to learn more. Fitch Ratings expects the credit profiles…
Yield premium on direct lender arranged MM sponsored deals tightened in 4Q25
Yields for large corporate and middle market(MM) sponsored loans – whether executed via the broadly syndicated or direct lender loan…
New Year Kicks Off with Busy Month of Leveraged Loan Launches
At $168.0b in launches through January 28th, the US institutional leveraged loan market has been off to a hot start…
LBOs and refinancing drive direct lending rebound in 3Q25
Direct lending volumes saw a substantial rise in 3Q25, climbing 26% quarter-on-quarter (QoQ) to USD 89.5bn from USD 71bn in…
Why Private Equity Matters (Part Five)
Modern portfolios are largely shaped around public markets, which are influenced by public sentiment as much as underlying fundamentals. However,…