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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 
Setting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at…
Retail Investors Return to Loan Funds Amid Shifting Rate Expectations
Retail investors have steadily returned to leveraged loan funds following two consecutive months of net redemptions. The Invesco Senior Loan…
Jumbo LBO deals steal spotlight in March amid macroeconomic uncertainty
Leveraged buyout (LBO) activity reached USD 17.9bn in March, the highest monthly total since USD 22.8bn in September 2021. The…
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 In the charts above, Fitch presents aggregate data for issuers in its PMR…
Continuation-fund-related exit count
For Q1 2026, we tracked 38 exits through continuation funds totaling $10.8 billion when including estimates for nondisclosed transactions.
BDC share price to net asset value remains under pressure
BDC valuations remain under pressure, driven by negative headlines around private credit and fears around the potetial impact of AI…
US Leveraged Loan Launches Ramp Up on Market Optimism
The US leveraged loan market has seen launches totaling $34.75b through Wednesday April 13, marking the first time weekly launches…
Large Cap Spreads Widened, Middle Market Held Steady
Spreads Widened Large Cap Deals, Were Relatively Flat for Middle Market Deals
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
The PMR default rate based solely on bankruptcies, liquidations, and out-of-court restructurings was 1.9%.
Technology loans move higher but continue to trade at a discount to the broader secondary market
Technology loans continue to trade at a discount to the broader secondary market, as investors have reassessed their exposure to…
The OG of Private Credit: The Dot Calm
For over a decade, software has been the darling of investors. The reasons were evident long before the pandemic made the sector impossible to ignore.
The Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral
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.
The OG of Private Credit: Conjuring a Crisis
According to Merriam-Webster, apophenia, or mistaken pattern recognition, is “the tendency to perceive a connection or meaningful pattern between unrelated or random things.”