Special Report: 2020 – A Year of Surprises
|June 17, 2021
Beginning in January 2021 The Lead Left published a series of articles on the five biggest private capital surprises of 2020. This report consolidates those articles.
- Correlation Nation: Private Credit…and Everything Else
- Distressed for Success
- Private Credit – Sector by Sector
- The M&A Big Bang
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Latest news
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
September 10, 2026
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
September 10, 2026
The story changes depending on which numbers you’re counting.

Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.