The Lead https://validator.w3.org/feed/docs/rss2.html Home Beyond the headlines Terms of Use Direct lending holds firm as sponsor-backed LBOs dominate 1Q26 High-Yield Bond Statistics Elevated redemptions at Non-Traded BDCs persist Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision KBRA DLD Default Indices Senior debt and North America lead the way Business of Private Credit: Claude Says Contact Us From Lead Left to The Lead: Randy Schwimmer on private credit’s Platinum Era Well Prompted The core middle market: A compelling case for private credit allocation Cross-BDC Analysis: Adjusted Nonaccruals Reach 2.18% Large Cap Spreads Widened, Middle Market Held Steady PIK Scorecard Q1’26: Non-Accrual Issuers Due Through 2028 Up 4% 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 Software Deferrable Exposure Rising in U.S. Middle Market CLOs US Private Credit: Better Transparency, Higher Interconnectedness Risks Greater Transparency, Rising Interconnectedness Risks US Software Credit Faces EBITDA Stress; MM CLOs Remain Resilient US software credit vulnerable to EBITDA stress; MM CLOs resilient US BDCs Face Persistent Earnings Pressure and Asset Quality Risks U.S. Private Credit and Middle Market Performance Monitor: 1Q26