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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 
Why illiquidity is a feature, not a bug, in private credit
A conversation with Brandon Grimm, Partner and Chief Investment Officer at Gilbert & Cook.
Information technology topped nonaccruals on a cost basis
The information technology sector moved from second place in the first quarter to the top of the list in the second quarter
Increased transparency a positive for U.S. private credit market
Fitch Ratings views increased scrutiny of private corporate credit as a natural step in the market’s development. Greater focus on private credit supports more reporting, increased transparency, and information flow in the market.
PIK Your Next Adventure
Every amended PIK loan hits the same crossroad. Not everyone ends up at the same destination.
Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
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.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
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.
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 to…
Behind the Scenes
Climbing toward the average is a very different story than surpassing it.
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.
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.
Reversion to the Mean
Climbing toward the average is a very different story than surpassing it.
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.”