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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 
US PE EV/EBITDA multiples
Global buyout valuations have held steady through the opening months of 2026…
Refinancings drove record 1Q26 US ABL volume, excluding the 1Q23 LIBOR/SOFR surge
US syndicated ABL activity rose sharply in 1Q26, with total issuance reaching US$29.9bn, up 31% year-over-year and marking the strongest…
Heads turn to Europe
There is renewed investor interest in the region even though it’s not yet becoming evident from the fundraising data. Next…
At Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing…
Middle Market Deal Terms at a Glance - April 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
BDC Q4'25 Nonaccruals
Octus performed a cross-BDC analysis to identify the total cost and fair value of all tranches held across the BDC…
1Q26 US Sponsored direct lending volume down across financing purposes
Direct lenders raised less than US$77bn to back sponsor activity in 1Q26, a 30% decline compared to 4Q25 results.
AI meets private markets - Optimizing the investor experience and decision-making
A conversation with Ryan Eisenman, Co-founder and CEO of Arch.
Queue Here
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information,…
Direct lending ends 4Q25 with its strongest quarter in three years
Direct lending volumes surged 24% quarter-on-quarter (QoQ) to USD 119.5bn in 4Q25, compared with USD 96.2bn in 3Q25. The volume…
US software credit vulnerable to EBITDA stress; MM CLOs resilient
Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding the technology software sector.
PE take-private deal activity
PE take-private activity was robust in Q1 2026, as value rose to $64.3 billion, up 13.0% QoQ and 53.3% YoY, even as deal count fell to 13 from 14 last quarter.
Loan Funds See Inflows Following Steady Stream of Redemptions
Retail investors have returned to loan funds following two months of net redemptions.
The OG of Private Credit: The Liquidity Mirage
The word “private” in private credit signifies not just “non-public,” but “non-traded.”
The OG of Private Credit: By Default
Beyond structural pressures, liquidity mismatches, and conflation with large cap strategies, the most fundamental question for any credit investor: What is the actual risk of losing money?