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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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September 2, 2026 
Unconquered Territory
With most of the map still unexplored, there’s room for a sequel.
Riding the Wave
Momentum, more often than conviction, drives the biggest deals.
Concentrated Effort
Tech deals favored upper end of market, especially in 2021 when software valuations peaked. Source: KBRA DLD Research
Well Prompted
The best managers know which prompts to write, and which answers to act on. Source: FTI Consulting
Weathering the Storm
Service-oriented companies typically hold up through any forecast. Source: Cliffwater Direct Lending Index.
Lessons Learned
Experience is a tough teacher, but the best managers pass the test. Source: Cliffwater Direct Lending Index.
More than meets the eye
The sectors you pick determine everything that follows. Source: Cliffwater Direct Lending Index
Closer Than You Think
Turns out, the marks agree more often than not. Source: KBRA
The Clear Choice
Transparency and track records matter most to private credit investors. Source: Coalition Greenwich, Private Credit Market Structure Survey
Success, Not Overnight
Private credit’s growth story, over a decade old, is still evolving. Source: Preqin.
Open for Business
When public credit markets close, private credit absorbs the shock. Source: FT, Hinze, Rintamaki, Mondini, Steffen.
Setting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at…
The Bigger Picture
Software became less of a sector and more of a defining strategy — particularly among larger funds. Source: BDC collateral
Value Proposition
Despite the noise, ~89% of the KBRA universe is currently marked above 95 — a sign of valuation and credit…