private credit

July brought the first contraction in commercial and industrial balances all year, at minus 1.1 percent annualized. Over the same stretch, lending to non-bank financial institutions reached $2,016.1 billion, up 20.4 percent.

Middle-market direct lending hit its lowest quarter since 2023 while bank and asset-based capacity expanded. Why the buyers who run a multi-source process capture the leverage.

Single-family offices now drive 65% of NAV loan demand, and 85% of that borrowing funds acquisitions, not distributions. What the shift means for owners financing against a portfolio.

Direct lending now rivals the syndicated market at $1.5 to $2 trillion, but the majority flows to sponsor-backed deals. Why non-sponsor owners get declined, and what closes the gap.

Private equity deal value fell 14% year over year while deal count stayed flat. In a selective market, readiness, not access, decides which borrowers actually get funded.

The 2026 rate cuts your capital plan assumed are gone. The Fed is on hold, banks are tighter, and capital has shifted to private credit. How to structure financing for the rate environment that actually exists.