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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 
Spread premium tightened slightly in Q2'26
One bright spot for lenders in Q2 was that average spreads edged higher for the second straight quarter.
LMM credits earned a 46.5 bps spread premium in Q2'26
Lower middle-market lenders held their risk/return edge over larger deals in the second quarter.
US Direct Lending Spread Per Turn of Leverage Widens
Wider spreads and slightly lower leverage provided lenders with better risk-adjusted pricing across all deal sizes in the second quarter.
Q2 European direct lending activity up 9%
Despite the geopolitical and macroeconomic events of the first half of the year creating a volatile environment, the European private credit market continues to demonstrate robust resilience.
46% of traded BDCs had over 5% non-accrual exposure in Q1'26
46% of Traded BDCs Had Over 5% of Nonaccrual Exposure (at Cost Value) in Q1’26, up From 31% in Q4’25
Q1'26: Non-Accrual Issuers Due Through 2028 Up 4%
The number of issuers with nonaccruals maturing through 2028 increased by 4% in Q1’26
Q1'26 Yield Walk: Reported to Cash
The number of issuers with nonaccruals maturing through 2028 increased by 4% in Q1’26 BDCs reported annualized income yields of…
Private Equity's Growing Role in European Lending
The Growing Footprint of Private Equity Activities in European Lending Sponsor-backed activity is reshaping European credit markets, with direct lending…
Large Cap Spreads Widened, Middle Market Held Steady
Spreads Widened Large Cap Deals, Were Relatively Flat for Middle Market Deals
Cross-BDC Analysis: Adjusted Nonaccruals Reach 2.18%
Cross-BDC Analysis Shows 73 bps of Additional Nonaccrual Exposure at Cost
Consumer Discretionary Overtakes Tech in Q4'25 Nonaccruals
Consumer Discretionary Overtakes Information Technology as Top Nonaccruals Sector by Number of Issuers in Q4’25 To request access to the…
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…