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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 
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
Loan bid-price collapse halts record-breaking refinancing volumes
The wave of repricing deals seen at the start of the year is not expected to return until the percentage…
Can the asset class again prove its resilience?
Delegates at the recent Europe Summit heard views on how different parts of the market will weather the challenges. Our…
Jess Larsen on six wonders of private credit
A conversation with Jess Larsen, Founder and CEO of Briarcliffe Credit Partners.
Collateralized Loan Observations
Since the Fed began its rate hike regime in March 2022, MM CLO activity has grown. Source: PitchBook
Letter from Kuala Lumpur (First of Two Parts)
Last month our travels took us to Malaysia’s capital, Kuala Lumpur, a city of about 2 million. There we met…
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25
Click here to learn more. In the charts above, Fitch presents aggregate data for issuers in its privately monitored rating…
Proportion of US loans trading north of par edges up modestly following headline volatility
In the wake of headline making talk of tariffs – and implicitly fears of a trade war – in April…
There’s a New Tariff in Town (Second of Two Parts)
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s…
Poised for a Rebound?
Since the early 1800’s, tariff’s share of US government revenues has shrunk dramatically. Source: The Cato Institute
Average Total Deleveraging Required To Meet RP Ratio Test
(Past performance is no guarantee of future results.)
Global private debt dry powder ($B)
Download PitchBook’s Report here. Halfway through 2024, private debt dry powder sat at $566.8 billion—a new high—and is on track for…
Letter from Down Under (Second of Two Parts)
As the Australian market has matured, it has geared a variety of private credit products to different investor types. These…
US Leveraged Loans Post Consecutive Monthly Losses
Click here to access Bloomberg’s US Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure…
Slower Growth and Competitive Underwriting to Pressure Asset Quality for U.S. BDCs
Click here to learn more. U.S. business development companies (BDCs) are facing mounting pressure in 2025 as escalating trade tensions…
Letter from Tokyo (First of a Series)
We began our visit to Tokyo this week attending S&P’s Structured Finance Seminar 2025. Along with almost 200 Japanese bankers…