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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 
Percentage of First-Lien Institutional Loans That Cleared with Key Covenant Terms
PE exit activity by quarter
US PE exit activity pulled back in Q1 2026, as the many headwinds made it difficult to maintain the momentum seen in H2 2025.
Can senior debt’s strong performance be maintained?
The IRRs delivered by the strategy since 2017 have been impressive. The asset class is coming under scrutiny but will…
David Robinson on private credit redemption fears, liquidity traps, and what retail investors need to know
A conversation with David Robinson, James and Gail Vander Weide Professor of Duke University’s Fuqua School of Business.
Value Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit…
US Leveraged Loans Post Largest Monthly Gain Since Last May
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 1.18% to investors in April, marking the largest monthly gain since…
AI shockwaves expose concentration risk in tech‑led direct lending
Technology companies have consistently accounted for more than one-third of direct lending issuance over the past three years. In 2025…
Cross-BDC Analysis: Adjusted Nonaccruals Reach 2.18%
Cross-BDC Analysis Shows 73 bps of Additional Nonaccrual Exposure at Cost
U.S. Banks Increase Private Credit Disclosures Amid Continued Scrutiny
U.S. bank disclosures regarding private credit exposures improved in the first quarter of 2026, although inconsistencies relative to regulatory reporting…
Interval and tender offer fund net flows ($B) by strategy
Evergreen fund assets essentially doubled from 2022 to 2025.
US CLO issuance totaled US$6.2bn in April, the lowest since December 2023
New-issue US CLO volume amounted to US$6.2bn in April via 14 deals, down from US$18.1bn raised from 38 deals during…
US Leveraged Loan Issuance Continues Decline in April
New issuance continued to trickle in this April, with just $25.06b priced through the 29th, down approximately 15% form last…
Consumer Discretionary Overtakes Tech in Q4'25 Nonaccruals
Consumer Discretionary Overtakes Information Technology as Top Nonaccruals Sector by Number of Issuers in Q4’25 To request access to the…
US BDCs Face Persistent Earnings Pressure and Asset Quality Risks
U.S. business development companies (BDCs) face increasing pressure in 2026 as slower capital inflows and elevated redemptions weaken liquidity, while competitive underwriting and interest rates weigh on asset quality and earnings.
The OG of Private Credit: Par for the Course
What is a loan worth? At its core, a loan’s value is driven by two forces: credit risk (the likelihood the borrower repays) and market risk…