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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 
Rolling one-year PE fund returns
Download PitchBook’s Report here. A review of desmoothed returns and the desmoothed nowcast over a rolling one-year horizon shows that PE…
US Leveraged Loan Returns Cool to 0.32% in August
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned…
Defaults: Roughly 40% of restructured HY issuers were in trouble again within 24 months
Click here to learn more. Distressed debt exchanges (DDEs), the alternative medicine to bankruptcy when it comes to treating problem…
Percentage of Loans with an MFN Sunset
(Past performance is no guarantee of future results.)
PIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies
Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains…
Near-term BDC loan maturities remain limited
The loan maturity profile of BDCs, the most transparent part of the direct lending universe, is not pointing to any…
Hints of LP support waning for US
Up to the mid-point of this year, capital raising by US funds was still going strong – but LPs appeared…
Relative Compression
Private credit yields have narrowed since 2023, but less than for single-Bs. Source: KBRA DLD
Cameron Dawson on unlocking private debt opportunities for wealth investors
A conversation with Cameron Dawson, Chief Investment Officer at NewEdge Wealth.
Issuance Cools from July High but Sets Record for August
Following a robust July that saw $200b of institutional leveraged loans price, issuance cooled somewhat in August. At $79.5b across…
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.)
Credit Journal – Private Credit
Click here to download. This edition of Fitch Ratings’ Credit Journal series explores the growing world of Private Credit,
PE nowcast vs. reported returns
Download PitchBook’s Report here. Like many asset classes, US PE funds experienced strong performance gains in the market acceleration during the…
BDC AUM hits a new record, topping US$500bn
The upward growth trajectory of BDCs shows no sign of slowing, with assets under management (AUM) climbing to a record…
Unrealised potential
Investors are struggling to get as much invested in private credit as they would like, although there has been a…
Back to School (Part Two)
Post-Labor Day market conditions continue to favor credit issuance of all stripes. Rather than being hampered by uncertainty surrounding tariffs,…