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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 
Private Credit – The Final Reckoning (First of a Series)
Moviegoers know that Tom Cruise “does his own stunts.” We always assumed this mostly meant riding motorcycles fast. And even…
US Leveraged Loans Return 0.76% in June
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) advanced 0.76% in June after a 1.53% gain in May, bringing its…
Share of IPO capital raised by backing type
Download PitchBook’s Report here. With the S&P 500 index climbing back near its historical peak and surpassing the psychological threshold of 6,000,…
Share of Loans with Uncapped EBITDA Add-Backs
(Past performance is no guarantee of future results.)
Smaller US Banks Most Exposed to Nonbank Lending
Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to learn more. A relatively small percentage of U.S.…
Supported by increase in high grade financings, 2Q25 US M&A loan volume up 64% y-o-y; LBO activity declines
Brushing aside tariff woes, inflation concerns and geopolitical fears, US lenders raised US$228.5bn of new loan assets in 2Q25, a…
Scrutiny of the bank/fund intersection
Lines of credit from banks to credit vehicles have grown at an exponential rate, warranting regulatory attention. As our most…
Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
Marcel Schindler on the private credit landscape
A conversation with Marcel Schindler, Partner and Head of Private Debt at StepStone Group.
Letter from Tokyo (Last of a Series)
Always attuned to market conditions on the ground, we heard from friends in Tokyo last week that, incredibly, grocery stores…
Leveraged loan prices continue to climb in secondary market
Average secondary market prices on US Leveraged loans reached 96.44 on June 25th, the highest level since March 17th according…
Middle Market Deal Terms at a Glance - June 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The Comeback Kid
Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG
Private Credit – The Final Reckoning (Third of a Series)
We spoke recently to a C-suite executive of a global specialty chemicals company about how tariffs are affecting his business.…
Private Credit’s Growing Complexity Untested Through Market Cycles
Click here to download report. What are Key Trends to Watch for BDCs? Fitch’s 2025 sector outlook for BDCs remains…
Private Credit – The Final Reckoning (Last of a Series)
Markets happen when you’re making other plans. This was true again last week as confrontation with Iran, instead of caving…