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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 
Private credit - Signals, concerns, and manager selection
A conversation with Sonali Basak, Chief Investment Strategist at iCapital.
Investors exit retail loan funds in July
Investors in leveraged loans have been pulling money from retail funds in recent weeks, with redemptions outpacing investments by $253.3b…
LMM credits earned a 46.5 bps spread premium in Q2'26
Lower middle-market lenders held their risk/return edge over larger deals in the second quarter.
Riding the Wave
Momentum, more often than conviction, drives the biggest deals.
Fitch Ratings completes peer review of 13 US BDCs
Fitch Ratings has completed a peer review of 13 U.S. business development companies (BDCs).
Sponsored MM leverage falls to its lowest level since 1Q23
Total leverage on sponsored middle market transactions declined to 4.40x in 2Q26 from 4.51x in 1Q26, reaching its lowest level…
Deals and refinancing offset market shocks as LevFin issuance tops 2025 levels
Leveraged finance issuance has remained resilient despite technology-sector volatility and geopolitical turmoil. Combined leveraged loan and high-yield bond volume reached…
Allocations hold steady amid insurer caution
Institutional investors were wary of increasing their private credit exposures in H1. Given all the ‘noise’ around private credit, albeit…
US Leveraged Loan Launch Activity Moderates in July
The US leveraged loan market has recorded $14.01b of new launches through Wednesday, July 22, following $20.91b of issuance the…
US Direct Lending Spread Per Turn of Leverage Widens
Wider spreads and slightly lower leverage provided lenders with better risk-adjusted pricing across all deal sizes in the second quarter.
Concentrated Effort
Tech deals favored upper end of market, especially in 2021 when software valuations peaked. Source: KBRA DLD Research
Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?
JV and FinCo Exposure Can Increase Risk for BDCs
Elevated off-balance sheet leverage tied to joint ventures (JVs) and finance companies (FinCos) can alter the risk profile of business development companies (BDCs), according to a new Fitch Ratings report…
Business of Private Credit: Playing to Your Strengths
“Show me a great credit, and I’ll show you a great sponsor behind it.”
For this series, we’ve focused on how core middle market lenders underwrite a borrower.