US Private Credit Data Review Q1 26 — Starting to feel the software shock

Key takeaways from 9fin's latest private credit dataset:

• US private credit activity hit its highest deal count in the last five quarters
• Despite deal volume returning to a somewhat normal level, software exposure fell below 20% for the first time in at least the last five quarters.
• Software exposure across the industry remains high, especially in the upper middle market
• Private credit seems to be wrestling control back from the public markets
• Leverage at the edges of the market has widened significantly, with small and mid cap deals seeing a smattering of 10x leverage and above.
• Use of proceeds remained fairly steady quarter over quarter, and pricing did widen again

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