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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 
Why illiquidity is a feature, not a bug, in private credit
A conversation with Brandon Grimm, Partner and Chief Investment Officer at Gilbert & Cook.
US leveraged loan launches reach five-month high in September
The US leveraged loan market recorded $93.6b of launches in September, marking the busiest month of primary market activity since…
Information technology topped nonaccruals on a cost basis
The information technology sector moved from second place in the first quarter to the top of the list in the second quarter
Leveraged loans join the AI infrastructure funding boom
Companies are increasingly tapping the leveraged loan market to finance AI-driven data center infrastructure projects. Although high-yield bonds have accounted…
Increased transparency a positive for U.S. private credit market
Fitch Ratings views increased scrutiny of private corporate credit as a natural step in the market’s development. Greater focus on private credit supports more reporting, increased transparency, and information flow in the market.
Share of US private debt capital raised by strategy
At 43.6% of all capital raised in the US through the first half of 2026, direct lending remains the largest category of the asset class…
3Q26 M&A loan volume down quarter-over-quarter; 1-3Q26 totals up nearly 20%
3Q26 M&A loan volume totaled just under US$99bn (down over 25% year-over-year and 33% quarter-over-quarter), pushing issuance for the first…
Fundraising slows but record in sight
PEI Private Credit’s latest fundraising data shows a slowdown in Q3 in a year with huge momentum in the first…
PIK Your Next Adventure
Every amended PIK loan hits the same crossroad. Not everyone ends up at the same destination.
Non-accruals in focus
Rising non-accruals: normalization or warning sign? We dig into the data
Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
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.”