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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is how they bring history and experience to working those problems out.
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August 5, 2026 
46% of traded BDCs had over 5% non-accrual exposure in Q1'26
46% of Traded BDCs Had Over 5% of Nonaccrual Exposure (at Cost Value) in Q1’26, up From 31% in Q4’25
BDC valuations weaken as leverage and dividend pressure rise
BDC Valuations Weaken in 1Q26 as Leverage Rises and Dividend Pressure Builds Click here to download report. Business development company…
Share of PE middle-market exit value by type
Middle-market exit activity carried through into 2026, with a Q1 total exit value of $32 billion across 218 transactions, up 14% and 1.5% YoY, respectively.
US TLB pricing tightens on repricings and refinancings
Average US TLB pricing tightens amid flush of repricings and refinancings Amid a limited new money leveraged loans pipeline, refinancings…
More than meets the eye
The sectors you pick determine everything that follows. Source: Cliffwater Direct Lending Index
Senior debt shows strong deployment
The strategy’s popularity with investors peaked in 2024, as did the amount of capital being deployed. In 2024, amid a…
US Leveraged Loan Prices Rise Ahead of Fed Meeting
Following a Federal Reserve Open Market Committee meeting in which all 12 members unanimously voted to hold rates steady in…
2023 M&A Outlook
The Lead’s exclusive webinar featuring five leading middle market investment bankers from Baird, BlackArch, Cascadia Capital, Houlihan Lokey, and Lincoln International…
Q1'26: Non-Accrual Issuers Due Through 2028 Up 4%
The number of issuers with nonaccruals maturing through 2028 increased by 4% in Q1’26
U.S. Private credit default rate remains at record high 6.0% in May 2026
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 Fitch recorded 19 downgrades and three upgrades in 1Q26, continuing the trend of…
US PE middle-market deal activity by quarter
The middle market got off to its strongest start since 2021, even as its share of PE deal value dropped to the lowest level on record.
BDC investments maturing by end of 2027 total over US$21bn, representing 8.5% of loan assets
The maturity profile of BDC loan investments does not point to a major deterioration in the near-term. Looking at the…
North American performance matches up well
An examination of recent vintages shows why the region is an investor favourite. Looking at the accompanying charts from Private…
The Business of Private Credit (First of a Series)
What’s so special about the middle market? In a world where every conversation seems to revolve around AI, mega-software M&A, and data center infrastructure…