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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
U.S. LevFin markets steady in 2Q26; credit quality divide widens
North American leveraged finance markets remained active in 2Q26, but performance gaps across credit tiers widened, according to a new Fitch Ratings report.
Lack of new issues clouds CLO market
It’s been boom time in the leveraged loan market but now that market has eased off, what are the implications…
Multiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
US Leveraged Loan Issuance Slows to $76.5b in July
The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…
Spread premium tightened slightly in Q2'26
One bright spot for lenders in Q2 was that average spreads edged higher for the second straight quarter.
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.
More than 70% of public BDCs now trade below 0.80x NAV
BDC valuations remain under pressure as investors have become more selective toward private credit this year. Concerns over AI-related risks…
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,…
PE middle-market pooled IRR and TVPI by TEV size bucket
The lower end of the middle market has generated better returns on average and does not come with significantly more left-tail risk
Investors exit retail loan funds in July
Investors in leveraged loans have been pulling money from retail funds in recent weeks, with redemptions outpacing investments by $253.3b…
LMM credits earned a 46.5 bps spread premium in Q2'26
Lower middle-market lenders held their risk/return edge over larger deals in the second quarter.
Riding the Wave
Momentum, more often than conviction, drives the biggest deals.
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.