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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 
US PE middle-market deal activity by quarter
The middle market got off to its strongest start since 2021, even as its share of PE deal value dropped to the lowest level on record.
BDC investments maturing by end of 2027 total over US$21bn, representing 8.5% of loan assets
The maturity profile of BDC loan investments does not point to a major deterioration in the near-term. Looking at the…
North American performance matches up well
An examination of recent vintages shows why the region is an investor favourite. Looking at the accompanying charts from Private…
US syndicated sponsored loan volume tops US$483.8bn YTD, driven primarily by refinancing activity
US sponsored lending reached US$483.8bn year-to-date through May of 2026, marking an increase of 29% compared to the same period…
US Leveraged Loan Launches Remain Steady in June
The US leveraged loan market has seen launches totaling $19.13b through Wednesday June 10, following $22.85b of deal flow last…
Behind the headlines: Private credit defaults, recoveries, and AI risk in 2026
A conversation with William (Bill) Cox, Chief Rating Officer, and Eric Rosenthal, Head of Default Research at KBRA.
Structured Finance: Intersection with Private Markets
Fitch’s latest market research report breaks down key transaction types at the intersection of private markets and structured credit
Middle market vs. megafund PE IRR dispersion (2018–2021 vintages)
For much of the past two decades, PE delivered a consistent premium over public markets that justified its illiquidity and fee load—a proposition that is now under pressure.
The best and the rest
Our data confirmed the importance of manager selection, given evidence of wide performance dispersion across strategies. In the second iteration…
The Clear Choice
Transparency and track records matter most to private credit investors.
Let’s Be Clear
“Investors need to understand that private markets don’t have the same degree of transparency as public markets.”
Beyond The Mark
How are direct lending loan values calculated? We introduced the topic in our “Par for the Course” installment last month.…