Taking the Credit — Private credit flirts with preferred equity as exits stutter

Ryan Hesketh17 Jul 2026 | Europe | 6 minute read

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High stakes — Rescheduling to test cannabis borrowers

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High stakes — Rescheduling to test cannabis borrowers

In the world of leveraged finance, operating without the ability to deduct SG&A expenses from taxes is a total nonstarter. But for US cannabis companies — particularly those on the adult-use recreational side — such a move currently remains out of reach.

Reno secures 85% backing for creditor-led restructuring as Apollo hands over the keys

Creditors are set to take control of Italian recycled cartonboard producer Reno de Medici from sponsor Apollo, after holders of more than 85% of the group’s notes backed a recapitalisation that will equitise up to €300m of debt and inject €100m of new money.

European private credit league tables Q2 26

The European private credit deal rankings for Q2 26 are in, with Ares still leading the overall deal count for the last 12 months. However, Muzinich has risen to take the quarterly top spot, the first time that the New York-based firm has been pipped to that crown.

Excess Spread — Aussie giant, Ibiza classics, structuring sensitivities

Fair dinkum, this really is a hell of a deal! Cashmere Funding 2026-1 is backed by A$17.8bn ($12.45bn) of Australian mortgages, and funds one of the largest portfolio sales on record, KKR and Pimco’s purchase of Westpac’s RAMS book.

‘More stable than real estate’ — How software’s most reliable revenue started to crack

Six years ago, the same year technology buyout shop Thoma Bravo raised a record $22bn across three funds, more than doubling assets under management to $70bn, managing partner and firm namesake Orlando Bravo told Michael Milken that recurring revenue from software companies was safer than real estate.

US private credit league tables Q2 26

The US private credit deal rankings for Q2 26 are now live, with Audax returning to the top of the quarterly rankings for the first time since Q3 25. Its 62 deals are also the most 9fin has tracked from a single firm in a quarter since we started the league tables at the beginning of 2025.

16 Jul 2026

| US

Taking the Credit — Private credit flirts with preferred equity as exits stutter

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European private credit league tables Q2 26

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‘More stable than real estate’ — How software’s most reliable revenue started to crack

US private credit league tables Q2 26