KBRA Direct Lending Deals: News & Analysis – 1/26/2026
KBRA DLD Default Indices(TTM 1/27/26) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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Debtwire Middle-Market – 1/26/2026
LBOs and refinancing drive direct lending rebound in 3Q25 Direct lending volumes saw a substantial rise in 3Q25, climbing 26% quarter-on-quarter (QoQ) to USD 89.5bn from USD 71bn in 2Q25. Deal activity also increased, rising from 791 transactions in 2Q25 to 947 in 3Q25. The volume in 3Q25 was the second-highest quarter on record, narrowly…
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LevFin Insights: High-Yield Bond Statistics – 1/26/2026
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Covenant Trends – 1/26/2026
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
The Pulse of Private Equity – 1/26/2026
Median step-up from previous PE middle-market fund in fund family Download PitchBook’s Report here. As capital continues to concentrate among fewer managers, conditions have favored those raising larger vehicles. Eight funds of $1 billion or more held final closes in Q3, the most of any quarter this year…. Subscribe to Read MoreAlready a member? Log in
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PDI Picks – 1/26/2026
Investors still warming to private credit Our research finds more than half of LPs are wanting to increase their investment into the asset class. With the economic and geopolitical backdrop in 2026 continuing to be volatile – and, in some ways perhaps, becoming even more turbulent than last year – is there a danger of…
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Octus: Private Credit & Deal Origination Insights – 1/26/2026
Over $3 Billion of Loans (at Cost) in Non-Accrual Status as of Q3’25 Mature Through 2027 Click here to learn more. Click here to download report. As markets search for signs of stress in private credit, Octus has focused on loans held by business development companies (BDCs) to identify key warning signals—particularly the uptick in…
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Chart of the Week: Inventory Check
Private equity remains an attractive option for investors through cycles. Source: Pitchbook
Why Private Equity Matters (Part Three)
The notion of private equity as anything but constructive for shareholder value is of recent vintage. The real story of PE is the story of commerce itself. The first enterprising person to buy a company instead of starting one engaged in a private equity transaction. Before World War II, most “private equity” transactions were funded…
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The Pulse of Private Equity – 1/19/2026
Continuation-fund-related PE exit count Download PitchBook’s Report here. Exits through continuation funds, also known as GP-led secondaries, are one way that sponsors can provide liquidity to LPs while also giving themselves more time to create additional value within their portfolio companies…. Subscribe to Read MoreAlready a member? Log in here...
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