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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 
Pushing Cushions
The rapid escalation of benchmark rates has negatively impacted borrower coverage.
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks
(Past performance is no guarantee of future results.) Contact: Steven Miller
Middle-market valuations down in 2022
Download PitchBook’s Report here. Middle-market multiples peaked much earlier than the overall market, which saw its highest price tags in 2021.…
Banking in the Spotlight
The collapse of Silicon Valley Bank and Signature Bank gave flashbacks to those of us who lived through the financial…
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans
(Past performance is no guarantee of future results.) Contact: Steven Miller
BDC credit losses expected to top 100bp in 2023
The majority of respondents (68%) in Refinitiv LPC’s Quarterly BDC Survey expect credit losses to top 100bp in 2023, with…
Private Debt Intelligence - 3/20/2023
Private debt allocation intentions hit seven-year high [wpdm_package id=’63694′] Institutional investors are satisfied with their private debt allocations and plan…
Glasses Half Full (Second of a Series)
As we continue our series examining the effects of higher interest rates and a potential recession on private credit, we…
Value Proposition
Last week’s bank failures steepened the Treasury curve to levels not seen since 9/11.
US pensions dig deep
We present some of the key findings from our Investor Report for 2022. US-based public pensions were among the largest…
Loan Stats at a Glance - 3/20/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Market Glasses Half Full
Our friends at Lincoln International produce a superb report on private market insights from their valuations and opinions group. Derived…
Middle-market above pre-Covid levels
Download PitchBook’s Report here. Middle-market activity came in at $443.8 billion in 2023, according to PitchBook’s just-released US PE Middle Market…
Glasses Half Full (Last of a Series)
In conversations with dozens of institutional investors over the past several months, consistent themes recur. First, there’s the sense of…