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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 
Daily Analytic: 4Q23 syndicated middle market volume declines 16% in 4Q23
US syndicated middle market loan volume totaled US$24.6bn in 4Q23, 16% lower than 3Q23’s total and the lowest quarterly level…
Allocations challenged, but sentiment is positive
Last year saw limited partners rein back on their private credit commitments, but there’s no lack of confidence in prospects…
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans
(Past performance is no guarantee of future results.)
Loan Stats at a Glance - 1/8/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
The New Old Normal
US interest rates have returned to their average levels of the past half century. Source: Board of Governors of the…
The New Paradigm (Last of a Series)
In the capital markets this year, it’s all been about rates and inflation: can the Fed’s higher-for-longer regime bring prices…
Middle-market activity: A 6-year low
Download PitchBook’s Report here. Middle market buyouts are down to a six-year low, according to PitchBook’s Q3 US PE Middle Market…
Fitch’s Privately Monitored Rating (PMR) Portfolio Analysis
The default data is derived from Fitch’s portfolio of PMRs in the U.S.
Average Total Deleveraging Required To Meet RP Ratio Test
(Past performance is no guarantee of future results.)
US CLO share of the institutional loan market tops 70%
The US CLO market has grown by 6.8% this year, pushing assets under management (AUM) to US$1.03trn.
Loan Stats at a Glance - 12/18/2023
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Lower for Longer
The past two years have not been kind to holders of ten-year Treasurys. Source: The Daily Shot, Alpine Macro(Past performance…
Four for ’24 (First of a Series)
2023 was characterized by several key themes in the capital markets. The Fed’s battle against inflation, the resulting impact on…
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
Four for ’24 (Second of a Series)
The US economy continues to roll along. December’s labor report showed 261,000 new jobs, a vigorous uptick from the 173,000…