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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 
The Case for Junior Capital (Part Three)
This space has covered at length the investor-friendly changes in senior debt terms since the Fed began its rate hiking…
Likely-to-distress scores highlight struggling industries
Source: Debtwire Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories…
How Have BDC Funding Profiles Trended?
BDCs took advantage of strong capital market conditions moving out of the pandemic to issue record amounts of unsecured debt,…
Big fund fatigue
Download PitchBook’s Report here. Last week we mentioned the overall fundraising slowdown, which was highlighted in PitchBook’s US PE Breakdown. Much…
Private Debt Intelligence - 7/31/2023
North America direct lending dry power reaches record levels [wpdm_package id=’65659′] Direct lending dry powder in North America hit a…
Interest coverage ratios move lower
Interest coverage ratios have come come under pressure as base rates have moved sharply higher in the last 15 months.…
Middle Market Deal Terms at a Glance - July 2023
Source: SPP Capital Partners Contact: Stefan Shaffer sshaffer@sppcapital.com
Indexed Returns
Almost two decades of data show strong junior capital returns relative to other credit.
Investors flock to the middle
As previously highlighted by Lead Left, and supported by our fundraising data, junior capital strategies are becoming increasingly popular. In…
Distribution of MFN Maturity Carveout Horizons
(Past performance is no guarantee of future results.) Contact: Steven Miller
Loan Stats at a Glance - 7/31/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Fundraising slowdown
Download PitchBook’s Report here. Fundraising is in a slowdown, according to PitchBook’s US PE Breakdown. Through H1 2023, about $153 billion…
The Case for Junior Capital (Part Two)
We continue our discussion this week on why private mezzanine is going from strength to strength amid current economic and…
The Case for Junior Capital (Last of Four Parts)
In early 2020, just before Covid came crashing down on our heads, we were in the middle of a Lead…