Unitranche Debt Explained: How Private Credit's Single-Tranche Structure Changed Middle-Market Lending
TL;DR: Private credit has grown into a roughly $3 trillion global market, and Morgan Stanley projects it could reach $5 trillion by 2029 ( Morgan Stanley, October 2025 ). Unitranche debt, a single ble
Private Credit's Split Screen: Institutional Records vs. Retail BDC Redemptions
Private credit ran two completely different playbooks in the first half of 2026. Institutional LPs closed a record ~$190 billion into private credit funds, up 53% year over year, according to With...
Ares' $12.7 Billion Pathfinder III and the Rise of Asset-Based Finance
Ares Management closed its Pathfinder III fund at $12.7 billion in August 2026, the fastest fundraise in the firm's alternative credit history, according to Alternative Credit Investor . The fund's...
Sycamore Tree's CLO Debt Fund Hit $131.5M: How to Read a Private Credit Filing History
Sycamore Tree Capital Partners' High Grade CLO Debt Fund reported $131.5 million in cumulative securities sold and six investors in a July 23, 2026 Form D/A, up from $121.5 million and two investors...
LuminArx and Bridge's $500M Bet on AI-Underwritten Supplier Financing
LuminArx Capital Management and Bridge announced a $500 million financing partnership on August 5, 2026, aimed at CPG brands and retail suppliers that fill purchase orders for Walmart, Sam's Club, and
GCM Grosvenor's $1.2 Billion Credit Secondaries Fund Signals a New Institutional Asset Class
GCM Grosvenor closed its first dedicated Credit Secondaries Fund at $1.2 billion, the Chicago-based alternatives manager announced on July 23, 2026, pulling capital from institutions and wealth...
Interval Funds Explained: What AltsABF's $350 Million Milestone Tells You About Private Credit Access
A pension fund just wrote a nine-figure check into a mutual-fund-style wrapper most individual investors have never heard of. On August 4, 2026, Janus Henderson, Victory Park Capital, and Privacore...
What Is a Collateralized Fund Obligation (CFO)? Star Mountain's $5 Billion Deal Explained
On August 4, 2026, Star Mountain Capital closed Star Mountain CFO I, a rated securitization backed by its portfolio of lower-middle-market private credit investments. Star Mountain manages roughly $5...
Money-Market Yields vs. Private Credit: Are You Actually Being Paid for the Risk?
According to Federal Reserve Economic Data (FRED) , the 3-month Treasury bill yielded 3.84% as of July 16, 2026, a number so unglamorous that most financial media won't even write a headline...
BDC Dividend Cuts Accelerate in 2026 as Coverage Ratios Slip Below 1x
TL;DR: The median business development company posted dividend coverage of 0.99x in the first quarter of 2026, and just 0.89x once you strip out payment-in-kind interest, according to a...
Fidelis Just Sold $191.5 Million in House-Flipping Debt. Here's Why That Matters for Accredited Investors.
Fidelis Just Sold $191.5 Million in House-Flipping Debt. Here's Why That Matters for Accredited Investors. Fidelis Investors closed a $191.5 million securitization of residential transition loans on
Balbec Capital's $930M Bet on Mortgage Debt Banks Won't Touch
Balbec Capital's $930M Bet on Mortgage Debt Banks Won't Touch Balbec Capital LP just closed its seventh flagship credit fund at $930 million in committed capital, according to a Bisnow report on the
9fin's BDC Watchlist Flags $5.7 Billion in At-Risk Loans, and the Market Already Priced It In
TL;DR: On July 16, 2026, debt-data platform 9fin launched a BDC Watchlist flagging $5.7 billion of loans across 157 business development companies (BDCs) as at risk of further deterioration, about 1.9% of the $305.2...
Why Cox Capital's BDC Tender Offers Are Priced 15% to 30% Below NAV
TL;DR: Cox Capital Partners is offering cash tender offers to investors trapped in three gated private-credit BDCs: HPS Corporate Lending Fund (HLEND), Apollo Debt Solutions BDC (ADS), and Ares Strategic Income Fund...
Chicago Atlantic's $62.5M Koach Deal Shows What Cannabis Real Estate Credit Actually Pays
TL;DR: Chicago Atlantic Real Estate Finance (REFI) just issued 4.3 million shares to Koach Capital in exchange for $62.5 million of second-lien notes secured by 32 cannabis retail properties. The note
Churchill and Seviora's $400 Million CFO: What It Is, and Why You Can't Own It
TL;DR: Churchill Asset Management and Seviora Holdings closed a roughly $400 million collateralized fund obligation (CFO) on July 13, 2026, blending Churchill's U.S. private equity and junior cap
Private Credit's Mega-Fund Problem: Five Managers Raised $64 Billion While Retail BDCs Hit Redemption Walls
Five managers pulled in more than $64 billion in fresh private credit commitments during the first half of 2026. Barings raised $19 billion, Churchill Asset Management raised $16 billion, Crescen
Revenue-Based Financing for Accredited Investors: How RBF Deals Actually Work in 2026
A SaaS company with $2M in ARR takes a $600,000 advance from Lighter Capital. The repayment cap sits at 1.5x principal, so the company owes $900,000 total. Monthly royalty payments run 6% of reve
The BDC Redemption Crisis: Why $15.6 Billion Couldn't Get Out in Q2 2026
Investors asked private credit funds for $15.6 billion back in the second quarter of 2026. Ten of the 16 business development companies that Fitch Ratings tracks couldn't pay it. Their quarterly redem
How to Evaluate a BDC Before You Invest: A Due-Diligence Checklist
Business development companies look simple on the surface. You buy shares, you collect a double-digit yield, you move on. In 2026, that surface cracked. Non-traded BDCs took in more than $15.6 billion