U.S. Private Credit and Middle Market Performance Monitor: 4Q25

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Private Credit Default Rate (PCDR)

• The U.S. PCDR rose to 5.6% for the TTM ending 4Q25, the second-highest level since tracking began in August 2024. This is just below the peak of 5.7% seen in both February and November 2025, but up from 5.4% in 3Q25.
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