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Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”
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October 6, 2026 
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
Performance and regulation are worries for LPs
Our latest test of investor opinion finds tougher market conditions impacting the responses. In this column we offer readers of…
Direct lending stability and resilience shine in times of leveraged loan market collapse
Direct lending showed notable resilience in 2Q25, while loan market volumes collapsed amid heightened volatility and a broader economic slowdown…
Loan Funds See Inflows After Consecutive Weeks of Outflows
Click here to access Bloomberg’s US Leveraged Finance Chartbook Retail investors have returned to loan funds following two consecutive weeks…
Single-B First-Lien Loan Spreads and Covenant Terms
(Past performance is no guarantee of future results.)
Rapid US Non-Bank Loan Growth Raises Risk of Wider Losses for Banks
Click here to learn more. U.S. regional banks’ recent losses tied to non-bank financial institutions (NBFIs) may signal broader risk…
Middle-market exit count as a share of total PE exit count
Download PitchBook’s Report here. Exit activity in the US middle market continued its steady, albeit slow pace, producing another slight down…
US middle market private debt fundraising increased 63% to US$56.2bn in 3Q25
LSEG LPC tracked US$56.2bn of US middle market debt fundraising in the third quarter, 63% above 2Q25’s US$34.4bn.
Allocations on the increase
Our latest GI 75 ranking of private credit’s biggest investors shows allocations increasing, with pension funds and insurers dominant. Eight…
Equity and the Emirates
UAE’s shift from oil-centric to a broader industrial economy will propel PE investments. Source: imarc
Unitranche spreads tighten for large corporate issuers in 3Q25, while middle market spreads were flat QoQ
The most recent quarter continued to be marked by robust competition among direct lenders amid lower than hoped for deal…
U.S. Private Credit: Sizing Up Defaults
Click here to download report. This report examines private credit defaulters by EBITDA size, compares default rates across the two…
Middle Market Deal Terms at a Glance - October 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Percentage of Loans with Asset Sale Sweep Step-downs
(Past performance is no guarantee of future results.)
Carveout/divestiture count as a share of all PE middle-market buyout count by quarter
Download PitchBook’s Report here. Carveouts remained a consistent feature of middle-market deal activity in Q2 2025. They accounted for 11.1% of…
Letter From the Emirates
We wrap our recent MENA travelogue with a keen look at Abu Dubai and Dubai, the principal emirates of the…