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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 
US Leveraged Loans Return 5.51% in 2025
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.61% in December, bringing its year-to-date return to 5.51%. Average secondary…
Middle Market Deal Terms at a Glance - January 2026
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
EBITDA Add-Back Time Horizons for Synergies & Cost Savings
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
2026 Regulatory Reviews Mark Inflection for Securitisation SRT Market
The securitisation significant risk transfer (SRT) market is set to reach an inflection point in 2026 as a number of regulatory investigations conclude.
Share of PE middle-market exit value by type
Download PitchBook’s Report here. Middle-market companies offer a wide array of exit options, as their smaller size makes them attractive targets…
US Institutional loan issuance eases in '25 despite another buildout year for AcqFin
US institutional loan issuance reached approximately US$1trn in ’25, down about 20% on the year although still the second busiest…
Senior debt fundraising falls from its peak
Our data for private credit capital raising by strategy shows investors once again diversifying their commitments rather than concentrating them.…
Carveout/divestiture count as a share of all PE middle-market deals by quarter
Carveout/divestiture count as a share of all PE middle-market deals by quarter Download PitchBook’s Report here. While quarterly figures can fluctuate,…
US Leveraged Loan Pricings Remain Elevated in 2025
2025 was another busy year for the US institutional leveraged loan market, with 901 deals for $987.3b pricing over the…
Share of New-Issue First-Lien Loans with Key Covenant Terms
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Private Credit Doubles
Direct lending and BDCs expected to lead the growth of private credit. Source: Fitch Ratings
Don Calcagni on building a fortress balance sheet for private wealth investors
A conversation with Don Calcagni, Chief Investment Officer of Mercer Advisors.
Capital flowing into private debt funds
Preliminary data shows capital raising enjoyed a reasonably prolific year in 2025, nudging ahead of the previous year’s total. Last…
Private Credit Outlook 2026
The global private credit market will continue to grow in scale and complexity in 2026, having become much more diversified and widely held over the past decade.
2025 US M&A loan volume jumps 43% to mark 4-year high at US$482bn
US lenders completed over US$482bn in M&A loan volume in 2025, an increase of 43% compared to 2024 totals and…
Guidance Counselors
On December 3rd, the OCC and FDIC announced they were withdrawing the Leveraged Lending Guidance they (with the Fed) had…