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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 
Summer recovery stalls as secondary loan pricing retreats from September peak
The summer recovery in US leveraged loan secondary market pricing has recently lost momentum, with average prices declining to 95.54…
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 11.8% as of…
Low August U.S. defaults reflects seasonal slowdown as market concern loans build
U.S. leveraged loan and high-yield default rates were unchanged in August 2026 at 3.9% and 2.8%, respectively, as seasonal conditions limited default activity, Fitch Ratings says.
Middle market lender target achievement improved further in 3Q26
A slight majority of direct lenders (57%) achieved their middle market lending targets in 3Q26, while 60% of banks fell…
Time on the road increasing since 2021
The average time spend fundraising for private credit fund strategies has generally risen during the 2020s. The average time taken…
Behind the Scenes
Climbing toward the average is a very different story than surpassing it.
Information Technology Topped Nonaccruals on a Cost Basis
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
European mid-market direct lending margins face steady compression since 2024
European mid-market direct lending margins have seen consistent compression over recent years but recorded a slight increase in the second quarter of 2026…
US leveraged loan issuance rebounds in September
Following three consecutive months of declining issuance, the US leveraged loan market has reversed course in September. Approximately $48.7b of…
Reversion to the Mean
Climbing toward the average is a very different story than surpassing it.
Number of smaller funds dwindles
Analysis of fund-close data found that vehicles valued at under $250m have seen a rapid decline since 2024.While PEI Private…
US private credit transparency highlights uneven BDC performance
Credit performance across business development company (BDC) portfolios remains uneven, although reported losses and non-accruals were broadly stable quarter over quarter, according to Fitch Ratings’ Private Credit Transparency Monitor for 2Q26.
Density of TVPI at 10 years after inception by fund size
Marquee managers seem to be victims of their own success. Strong performance brings in more capital, and the desire to grow AUM and please public shareholders inevitably leads to returns clustered around the market average.
Private Credit Defaults 101: Now Streaming
Every big theatrical release eventually makes its way to streaming. It gives people who missed it in theaters a chance to catch up.