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Business of Private Credit: Claude Says
Even chatbots know AI won’t have a one-size-fits-all impact on the middle market. Yet for the last year or so, the market has treated AI disruption as a storm cloud hanging over every private credit portfolio.
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July 14, 2026 
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.)
US Leveraged Loans See Busiest Third Quarter on Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook September’s US leveraged loan activity totaled 101 deals for $93.2b, representing…
U.S. Private Credit: Sizing Up Defaults
Click here to download report. Issuers generating less than $25 million EBITDA defaulted at more than twice the rate of…
Share of BSL-financed LBO count by equity contribution
Download PitchBook’s Report here. Since rate hikes began in 2022, buyouts under $1 billion have virtually disappeared from the BSL market.
3Q25 LBO volume down over 34% year over year; Total sponsored volume up nearly 39%
US lenders committed almost US$20bn in LBO loan volume in 3Q25, up modestly compared to 2Q25 results (which came in…
Fundraising puts on a surge in Q3
The Liberation Day announcement put the brakes on capital accumulation in Q2, but it’s come roaring back. Having looked on…
Up and To the Right
Oman’s economy is expected to increase steadily through the end of the decade Source: Statista
US CLO issuance increases to US$53bn in 3Q, driven by strong MM/PD issuance
New-issue US CLO volume amounted to US$53bn in 3Q25 via 106 deals, up 2% from 2Q25’s US$52.1bn and 34% from…
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M)
(Past performance is no guarantee of future results.)
U.S. Private Credit: Sizing Up Defaults
Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate…
PE exit/investment ratio
Download PitchBook’s Report here. Sponsor-to-sponsor exit activity dipped on an absolute basis in Q2, along with the moderate decrease in total…
Notes from New York
What’s on the minds of private debt professionals? Regulation, market conditions and distressed debt all had an airing at our…
Swiss Army Knife of Capital (Part Three)
During the recent PDI webinar we were asked, beyond yield, diversification, and deployment, what private credit areas are most vulnerable?…
Slow as it Goes
Quarterly direct lending deals peaked 2Q 2024, slowed since. Source: PitchBook LCD, US data through Sept. 16, 2025.
M&A EV/revenue multiple for deals between $25 million and $1 billion
Download PitchBook’s Report here. Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with…
Letter From Oman
Our first visit to Oman last week was remarkable in several respects. We were reminded again how regional countries –…