Chart of the Week
Setting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at the height of the GFC.
Read MoreThe Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds.
Read MoreValue Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit…
Read MoreAt Any Rate
Default metrics aren’t created equal. How a default is defined and measured can tell very different stories — so knowing…
Read MoreQueue Here
Investor education is becoming critical as quarterly redemption limits are being tested. Source: Data is derived from publicly available information,…
Read MoreEx Uno, Plures
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and…
Read MoreDifferent Strokes
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
Read MoreLeverage Takeover
Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.
Read MorePerception is Reality
Investors bombarded with scary headlines worrying less about real private credit risks. Source: PitchBook
Read MoreThe IT Factor
IT deals commanded a larger piece of the M&A pie in 2025. Source: PitchBook
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