美国私人信用监测（英）

US February 2026 Key Takeaways sponsors are tapping the generally cheaper BSL market for broader refinancing andrecapitalization activity, private credit continues to play a leading role in larger, control-oriented buyout transactions where certainty of execution remains a key consideration •Direct lending volume rises despite lower deal count over the last three months—Estimated volume increased even as transaction count declined, reflecting slowingdeal activity while larger deals continue to move through the pipeline. A cluster ofjumbo transactions in January pushed trailing three-month volume to its highest levelsince Q3 2024. Among the biggest was Vantage Data Centers’ $2.4 billion Ares-ledfacility to refinance debt and support the development and operation of hyperscale •New-issue LBO spread distribution tightens over the last twelve months, whilerecent public-market volatility could pose future pressure—Within the directlending market, the share of new-issue LBO spreads in the 450–499 bps range hasrisen 38% over the past twelve months while the 500–600 bps share has declined by33%. This signals marked compression versus 2024 as overall rates have eased whilealso indicating a shift among lenders towards credit quality over returns. Thatcompression reflects a year-long migration toward lower pricing in private buyout •PE-backed LBO financings skew larger despite fewer transactions—LBO-related direct lending deal count YTD is sharply lower than the same period last year,while aggregate volume remains broadly in line, pointing to a meaningful increase inaverage deal size. The divergence suggests sponsors are pursuing fewer transactionsbut securing larger debt packages for high-conviction platforms. February’s largest •AI concerns weigh on software exposure in private credit—Sentiment towardsoftware borrowers has softened as investors assess whether artificial intelligence could pressure margins and disrupt subscription-based models that once supported •BSL gains ground in sponsor-backed issuance, while direct lending leads inLBO volume—Over the last three months, new-issue sponsor-backed loan volumefinanced in the broadly syndicated loan market sharply outpaced direct lending,marking a shift in overall issuance dynamics. However, within LBO financings strong lender appetite. Recent weakness in public markets has prompted closerscrutiny of private credit portfolios, particularly within BDC holdings where valuationtransparency is limited. While most loans remain marked near par, investor questionssignal a more cautious stance toward the sector. For more, see“Private Credit 101: Direct Lending Volume &Counts Deal count declines as volume rises, slowing activity while larger deals support volume. Volume increases year over year despite lower deal count, reflecting larger average deal size Deal count and volume trend modestly below Q4 levels YTD deal count declines versus the prior year, while volume holds steady, reflecting larger average deal size LBO and M&A activity in the past three months aligns with Q4 levels LBO volume aligns with Q4, flattening buyout activity YTD direct lending volume exceeds prior-year levels despite lower deal count, reflecting larger average deal size Healthcare direct lending activity jumps in 2026, while Technologydeclines, signaling a shift in sector mix BSL spreads for B-minus borrowers average 35 bps below the 2025 level YTD Spread compression continues while lenders shift focus towards credit quality over returns Spread differential between BSL and direct lending continues to narrow from its 2023 peak Spread differential between BSL and direct lending continues to narrow slowly from its 2022 peak Spread gap between BSL and direct lending LBOs sits above Q2 2025 but below H2 2025 levels Broadly Syndicated vs.Direct Lending Market Direct lending deal count over the last three months aligns with the quarterly average from 2025 Sponsors secure more LBO funding from direct lenders than BSL over the last three months, extending a trend that began in early2025 BSL sponsor-backed deal count remains roughly on par with direct lending over the last three months Volume for new-issue sponsor-backed loans financed in BSL has increased from Q4 Business DevelopmentCompanies (BDCs) BDC portfolios signal further spread compression 31% of unitranche facilities held by BDCs had spreads under S+500 as of Sept. 30, 2025, up from 17% at the end of 2024 23% of first-lien facilities carried spreads in the 450-499 bps range based on Q3 BDC filings, up from just 16% at the end of March Commercial Services and Software lead among BDC holdings by sector Direct Lending AUM,Private Debt Capital Raised,& CLO Issuance Direct lending AUM is steadily rising Private debt fundraising declined in 2025 Private credit and middle-market CLO issuance has declined from the Q3 2025 peak BSL & Direct LendingTakeouts BSL takeouts of direct lending deals have surpassed direct lend