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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Secondaries on the rise – but views of it differ
Alignment is something not everyone can agree on, but there’s little doubt this is a market with strong momentum. Secondaries…
BDC Holders by Portfolio Company
Octus analyzed 27 stressed securities across 23 borrowers and found that fair value pricing varied by as much as 40…
US Leveraged Loan Launches Remain Muted Amid Wider Uncertainty
The US leveraged loan market has struggled to regain momentum following a sharp slowdown in issuance in February, as market volatility continues to weigh on activity.
No sign of panic from institutions
The likes of pensions and insurers are, if anything, accelerating their commitments to private credit – despite the retail redemption…
US Software Credit Faces EBITDA Stress; MM CLOs Remain Resilient
U.S. technology software sector issuers in Fitch Ratings’ model-based, point-in-time credit opinion (MCO) portfolio are more vulnerable to credit deterioration under a severe earnings stress scenario compared with the portfolio excluding the technology software sector.
HALO versus software as a share of PE deal value ($B)
The hottest debate in public markets right now is not whether AI will disrupt software but how much, how fast, and who is left standing.
Unitranche deal flow falls sharply in 1Q26
Amid fears around the potential impact of AI disintermediation on software and other sectors plus a challenging geopolitical backdrop, unitranche…
Ex Uno, Plures
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and…
Lenders Offer Deeper Discounts to Clear Primary Market Transactions
Amid subdued deal flow and continued volatility in the secondary market, lenders have increasingly relied on deeper original issue discounts (OIDs) to successfully syndicate new leveraged loan transactions.
Five key takeaways from the secondaries market
The rise of the GP-led deal and suspicion over valuations are among the themes emerging from our latest study of…
LBO leverage multiples hold steady, show signs of normalization in 1Q26
Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt…
PE-backed company inventory by deal year
As of Q4 2025, the US PE inventory has grown to over 13,143 companies.
Greater Transparency, Rising Interconnectedness Risks
In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks.
Amount of PIK Loans Elevated w/ Near Term Maturities
There appears to be very little correlation between loans priced below 90% of par and BDCs’ exposure to loans with…
The OG of Private Credit: You Are What You Eat
In private credit, the character of your deal sourcing determines the destiny of your portfolio.