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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 
Seconds Away
All-in yields of second-lien loans have risen to keep pace with first-lien upswings.
US unitranche volume tallies under US$10bn in 2Q23 as jumbo deals become scarcer
US unitranche volume sank further in 2Q23, totaling US$9.4bn, the first time it tallied less than US$10bn since 2Q20. Large…
Rolling Tallies of MFN Sunsets
(Past performance is no guarantee of future results.) Contact: Steven Miller
Private Debt Intelligence - 7/24/2023
Private debt fundraising in North America holds up amid macroeconomic uncertainty [wpdm_package id=’65553′] The number of private debt funds closing…
How Have BDCs Performed Due to Rapidly Rising Interest Rates?
BDCs were well positioned to benefit from rising rates, given largely floating rate portfolios and the increase in fixed-rate funding…
Fundraising: Down but not out
Capital raising has proved a tough task so far this year, but investor support may be about to return. On…
KBRA DLD Default Forecasts for Liquid Credit: 3.25% ($45B) for HY, 4.5% ($65B) for BSL
Chart I Chart II KBRA DLD is forecasting a 3.25% default rate by volume (4% by number) for high yield…
Loan Stats at a Glance - 7/24/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Another mixed quarter
Download PitchBook’s Report here. US PE activity brought in mixed results in Q2, with deal volume up slightly and value down…
The Case for Junior Capital (Part One)
Back in December 2015 the senior debt market was in full swing recovery from the Great Recession. Interest rates were…
US sponsored middle market direct lending volume increased in 2Q23
Activity picked up in the US middle market direct lending space in 2Q23 but remained at lower levels. At US$16.3bn,…
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.) Contact: Steven Miller
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…