US Private Credit Monthly: PC-to-BSL moves hit exodus levels in July

Andrew Hedlund: Managing Editor

5 August 2026

Download the Full Report to gain insights on:

How accelerating migration from private credit to BSL markets is reshaping borrower financing decisions.
What elevated BDC redemption activity reveals about liquidity conditions and investor sentiment.
Why incumbent borrowers are securing advantages as private credit deal activity remains subdued.
How pricing convergence across borrower sizes is changing competitive dynamics throughout private credit.
Which market trends may signal further refinancing opportunities and funding shifts in coming months.

Executive Summary

Private credit markets face growing competition from institutional lenders. Borrowers increasingly pursue alternative financing options.

Borrowers benefit from attractive funding conditions across multiple markets. Capital providers continue adapting to changing demand.

Incumbent lenders retain advantages with existing portfolio relationships. Deal activity remains selective across the market.

Meanwhile, redemption activity continues influencing capital allocation decisions. Investor preferences remain important for market direction.

Ultimately, pricing trends reflect evolving competitive pressures. Market participants monitor conditions for future opportunities.

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