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Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?
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July 22, 2026 
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The private credit yield advantage over BSL widens as single-B spreads shrink. Source: KBRA DLD Research, PitchBook LCD
US Life Insurer Investment Risk Rising from Private Letter Ratings
Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Signs of…
US Leveraged Loans Return 4.86% Through November
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.35% in November, bringing its year-to-date return to 4.86%. Average secondary…
Share of funds larger than predecessor: top 10% of funds by size
Download PitchBook’s Report here. For this analysis, we broke apart the largest 10% of funds raised each year from the remaining…
Warner Bids Drive Record US BSL Bridge Loans
Dueling bridge loans backing Netflix Inc. and Paramount bids for Warner Bros Discovery largest on record for US BSL market…
Aaron Sack on the evolving middle market private equity landscape
A conversation with Aaron Sack, Head of Morgan Stanley Capital Partners.
Easing Down
Defaults for the overall leveraged loan market are at lowest point since 2023. Source: The Daily Shot, PitchBook/LCD, Morningstar LSTA US…
2026 Outlook: Dress for Success
The surprise of 2025’s post-Liberation Day risk-on dynamic across markets has established a pattern we expect to continue well into…
US Leveraged Loan Issuance Tapers Off in November
November’s $53.6b of US institutional leveraged loan issuance was down $9.7b, or 15.3%, from the previous month’s $63.3b, marking a…
Middle Market Deal Terms at a Glance - November 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The record setting continues as BDC AUM reaches US$534bn
Investors continue to allocate more capital to BDCs and in turn the upward growth trajectory shows no sign of slowing,…
Average Free-and-Clear Cap (× Pro Forma Adjusted EBITDA)
(Past performance is no guarantee of future results.)
US Life Insurer Investment Risk Rising from Private Letter Ratings
Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar The rapid…
Private capital dry powder ($B)
Download PitchBook’s Report here. Enough capital was raised to more than compensate for the capital calls issued thus far in 2025 to…
The rise of secondaries
Our Perspectives 2026 survey confirms that secondaries are growing in investor popularity. Secondaries have quickly moved from the periphery of…
2026 Outlook: Pick of the Litter
With last Thursday’s Fed rate cut, the benchmark is down 200 bps from its peak in 2023. That’s the simple…