Home Beyond the headlines Terms of Use High-Yield Bond Statistics Subscribe Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision Q2 European direct lending activity up 9% Share of PE middle-market fund count by size bucket Share of PE middle-market exit value by sector From Lead Left to The Lead: Randy Schwimmer on private credit’s Platinum Era Well Prompted US Leveraged Loans Return 1.88% to Investors YTD Middle market loan issuance weakened in 2Q26 as sponsored activity slowed Business of Private Credit: Claude Says Elevated redemptions at Non-Traded BDCs persist Senior debt and North America lead the way Contact Us The core middle market: A compelling case for private credit allocation What are continuation vehicles (CVs)? Cross-BDC Analysis: Adjusted Nonaccruals Reach 2.18% Large Cap Spreads Widened, Middle Market Held Steady Direct lending holds firm as sponsor-backed LBOs dominate 1Q26 PIK Scorecard Q1’26: Non-Accrual Issuers Due Through 2028 Up 4% KBRA DLD Default Indices Nonaccrual Marks Decline Broadly Average EBITDA Adjustment Cap for Synergies & Cost Savings Average Total Deleveraging Required To Meet RP Ratio Test Percentage of Loans with Asset Sale Sweep Step-downs Distribution of MFN Sunset Horizons Single-B First-Lien Loan Spreads and Covenant Terms Share of Loans Allowing Uncapped EBITDA Adjustments Percentage of First Lien Loans with Affected Lender Voting Protection Average minimum day-one capped basket capacity Percentage of Loans with F&C Tranche Growers Continuation-fund-related exit count PE exit activity with exits of $1 billion or more PE-backed company inventory by deal year HALO versus software as a share of PE deal value ($B) PE take-private deal activity US PE EV/EBITDA multiples Interval and tender offer fund net flows ($B) by strategy PE exit activity by quarter Continuation-fund-related exit count Specialist versus generalist PE capital raised ($B) PE AUM forecast ($T) Middle market vs. megafund PE IRR dispersion (2018–2021 vintages) US PE middle-market deal activity by quarter Share of PE middle-market exit value by type PE IRR Distribution by TEV Size Bucket