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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 the history and experience they bring to working these problems out.
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August 5, 2026 
Fitch’s Private Middle Market Portfolio, Rating Activity
Download FitchRating’s Report here. The default rate in Fitch’s PMR portfolio climbed marginally in 1Q24, reaching 4.1% from 3.7% in…
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
The syndicated fightback
As expected, the BSL market is retaking some of the ground lost to direct lending for larger deals. A recent…
Loan Stats at a Glance - 6/3/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Best Practices in Private Credit (Sixth of a Series)
Our underwriting teams start by analyzing financials from portfolio company CFOs, comparing them to prior year, budget, and downside cases.…
Percentage of Loans with Asset Sale Sweep Step-downs
(Past performance is no guarantee of future results.)
Fitch’s Private Middle Market Portfolio, Rating Activity
Download FitchRating’s Report here. Downgrades greatly outweighed upgrades in 1Q24 as high interest rates affected the FCF and financial flexibility…
The Pulse of Private Equity – 5/27/2024
Download PitchBook’s Report here. Private credit continues to dominate the number of buyout financings while lending from public business development companies…
Daily Analytic: Services and healthcare sectors see most loans added to non-accrual status in 1Q24
The weighted average non-accrual rate for public and private BDCs combined ticked down to 1.39% in 1Q24 from 1.50% in…
Arguments for the middle way
A new report examines themes in the mid-market and finds optimism growing as investors seek to diversify. It has undeniably…
Loan Stats at a Glance - 5/27/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Different Tracks
Lower earnings activity is not always synchronized with worse economic performance. Source: Nuveen Multi-Asset, Bloomberg monthly S&P trailing 12 month…
Best Practices in Private Credit (Fifth of a Series)
This week we continue our series on best practices of top private credit firms with a look at how underwriting…
Shutting up shop: post-pandemic retail sector restructurings continue
The COVID-19 pandemic triggered a significant transformation of the US retail landscape, fueling a dramatic shift in consumer behavior.
Private Debt Intelligence - 5/20/2024
Is an IPO revival in the pipeline? The IPO market ran cold in 2023 as high global interest rates, continued…
Where We Are (Second of a Series)
How challenging has it been to predict the next recession? An inverted Treasury yield curve, a reliable forecaster of the…