The state of private credit in 2026

Private credit built its growth story on software, retail capital, and loose docs. And right now, all three are under pressure simultaneously. In our state of private credit 2026 whitepaper, we map where those pressures stand at the halfway point, and where they're most likely to land in H2.

Inside:

• Why secondary markets have quietly become the primary liquidity management tool in direct lending
• What the BDC redemption wave actually tells us
• The documentation shift happening in new facilities post-First Brands
• Q1 2026 data: 540 US deals, spreads back to S+500bps, and what it means that private credit just outpaced BSL on deal count for the first time since Q2 last year
• Where the opportunities lie in H2