US Market Commentary: Private credit defaults moderate to 2.41% in Q3, per Proskauer data
Lisa Allen: Editorial
27 October 2026
- How private credit default conditions changed across recent reporting periods.
- What contrasting trends reveal about software and technology borrowers.
- Why borrower size remains important when assessing default risk.
- How performance differed between smaller and larger EBITDA segments.
- Which senior secured and unitranche loan data supports the latest market picture.
Executive Summary
Private credit default conditions moderated during the latest reporting period. Broader performance nevertheless remained uneven across industries.
Smaller borrowers experienced greater pressure than some larger businesses. Borrower scale remains important when evaluating credit resilience.
Technology related defaults moved against the broader improving trend. Sector differences may reveal emerging areas of vulnerability.
However, larger companies generally demonstrated stronger default performance. Their results helped support the overall moderation.
Meanwhile, the index provides broad insight into privately originated lending. Its coverage supports closer analysis of changing market conditions.
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