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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 Private Credit & Middle Market Monitor: 1Q26
This report is based on a series of panels held during 1H26.
US Leveraged Loans Return 0.57% to Investors in May
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.57% to investors in May, marking the third consecutive monthly gain…
Success, Not Overnight
Private credit’s growth story, over a decade old, is still evolving.
Solid foundations for real estate debt
After a rocky period for property, investors appear to be regaining confidence – in the debt layer at least. Real…
Tech loan issuance slows as credit markets turn selective
Technology issuance in the institutional leveraged loan market fell to just USD 550m in April, marking the sector’s lowest monthly…
PE AUM forecast ($T)
By the end of 2030, we forecast global PE AUM to reach $8.8 trillion in our base case, with a plausible range of $7.6 trillion in our downside case to $10.2 trillion in our upside case.
Leveraged issuance expands for second consecutive month despite slower M&A pipeline
US LevFin issuance reached nearly US$150bn in May. While business expanded roughly 20% on the month and continued to improve…
US Leveraged Loan Issuance Poised to Top $100b in May
Following three consecutive months of declining issuance, the US leveraged loan market has rebounded sharply in May, with approximately $99.3b…
Open for Business
When public credit markets close, private credit absorbs the shock.
The OG of Private Credit: The Steadi-Cam of Capital Markets
“We are late in the credit cycle.” What is often a throw-away line preceding some dire market prediction, should be questioned.
Q1'26 Yield Walk: Reported to Cash
The number of issuers with nonaccruals maturing through 2028 increased by 4% in Q1’26 BDCs reported annualized income yields of…
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 Fitch recorded 19 downgrades and three upgrades in 1Q26, continuing the trend of…
Specialist versus generalist PE capital raised ($B)
Fundraising consolidation is here to stay, and it will change the way managers go about raising new funds in the coming years.
The OG of Private Credit: Welcome to the Platinum Era™
”This is great for us.” That’s how one private credit manager summarized the cumulative impact of noise around the asset class.