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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 
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.
Private Credit Defaults 101: Where Are We in the Cycle?
“We’re in a credit cycle. People denied it for a while. I don’t think there’s a lot of denial anymore.” That’s how one lender sees things today.
Private Credit Defaults 101: Scrambling for Par
Seve Ballesteros won four majors in the 1980s despite being, by his own admission, one of the wildest drivers of the golf ball on tour.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.
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.
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.
Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
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.
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?
Business of Private Credit: Claude Says
Even chatbots know AI won’t have a one-size-fits-all impact on the middle market. Yet for the last year or so, the market has treated AI disruption as a storm cloud hanging over every private credit portfolio.
Business of Private Credit: Rain or Shine
Experienced private credit managers build all-weather playbooks designed to make it through any business cycle or headline risk.
The Business of Private Credit: History 101
Last week we kicked off our special series on middle market industries with an overview of why they should matter for private credit investors. This week we provide some historic context.
The Business of Private Credit (First of a Series)
What’s so special about the middle market? In a world where every conversation seems to revolve around AI, mega-software M&A, and data center infrastructure…
Beyond The Mark
How are direct lending loan values calculated? We introduced the topic in our “Par for the Course” installment last month.…
Let’s Be Clear
“Investors need to understand that private markets don’t have the same degree of transparency as public markets.”
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.”