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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 
U.S. private credit default rate reaches new high in 2Q26
Fitch Ratings’ U.S. Private Credit Default Rate (PCDR) rose to a new high in 2Q26, according to a new report.
Private pensions and insurers top the commitment charts
Our Investor Report delves into the extent of commitments made to private credit by different institutions. In last month’s column,…
Private credit - Signals, concerns, and manager selection
A conversation with Sonali Basak, Chief Investment Strategist at iCapital.
Fitch Ratings completes peer review of 13 US BDCs
Fitch Ratings has completed a peer review of 13 U.S. business development companies (BDCs).
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.
Concentrated Effort
Tech deals favored upper end of market, especially in 2021 when software valuations peaked. Source: KBRA DLD Research
Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?
JV and FinCo Exposure Can Increase Risk for BDCs
Elevated off-balance sheet leverage tied to joint ventures (JVs) and finance companies (FinCos) can alter the risk profile of business development companies (BDCs), according to a new Fitch Ratings report…
Elevated redemptions at Non-Traded BDCs persist
Average redemption requests continued to rise for perpetually non-traded business development companies (BDCs) in 2Q26, but levels and trends varied across the sector.
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.