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KBRA Direct Lending Deals: News & Analysis - 9/8/2025

Defaults: Roughly 40% of restructured HY issuers were in trouble again within 24 months Click here to learn more. Distressed debt exchanges (DDEs), the alternative medicine to bankruptcy when it comes to treating problem credits, have long been criticized as temporary band-aids that lead to another restructuring or Chapter 11 anyway. Investors aren’t wrong…. Subscribe

Middle Market & Private Credit – 9/8/2025

PIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains above pre-2024 levels. This reflects persistent challenges in portfolio credit quality and the impact of structured PIK arrangements amid elevated interest rates. The latest…

PDI Picks – 9/8/2025

Hints of LP support waning for US Up to the mid-point of this year, capital raising by US funds was still going strong – but LPs appeared to be edging towards geographic diversification. Given the ramifications of Liberation Day and a more volatile economic and political backdrop in general, talk has grown louder around whether…

Bloomberg: Leveraged Lending Insights – 9/1/2025

Issuance Cools from July High but Sets Record for August Following a robust July that saw $200b of institutional leveraged loans price, issuance cooled somewhat in August. At $79.5b across 68 deals, issuance receded 60% from the July high but remained elevated for what is typically a quieter month in the leverage loan market. In…

Leveraged Loan Insight & Analysis - 9/1/2025

BDC AUM hits a new record, topping US$500bn The upward growth trajectory of BDCs shows no sign of slowing, with assets under management (AUM) climbing to a record US$503bn in 2Q25, representing a US$28bn increase from the prior quarter and a whopping US$128bn gain in the last twelve months…. Subscribe to Read MoreAlready a member?

PDI Picks – 9/1/2025

Unrealised potential Investors are struggling to get as much invested in private credit as they would like, although there has been a surge in allocations from sovereign wealth funds. With three quarters of institutions under-allocated to private credit – according to Private Debt Investor’s H1 2025 Investor Report – there is a huge potential pool…

Middle Market & Private Credit – 8/11/2025

U.S. Private Credit and Middle Market Performance Monitor: 2Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose to 9.5% in 2Q25 from 7.8% in 1Q25. Fitch recorded 28 unique defaults for the TTM period, up from 23 in 1Q25. This is the highest…