Contact: Steven Miller
smiller@covenantreview
Latest news
PIK Your Next Adventure
October 6, 2026
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
September 30, 2026
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.

Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. As class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”