Private Credit—Middle Market Monthly Pulse: August 2026
KBRA launches its inaugural Middle Market (MM) Monthly Pulse, a recurring dashboard that will serve as an update between our quarterly Middle Market Borrower Surveillance Compendium (see Private Credit: Q2 2026 Middle Market Compendium: EBITDA’s Fading Tailwinds). The MM Monthly Pulse will provide a more transparent and frequent view of the direct lending market’s credit stress, borrower fundamentals, and emerging risks through the lens of KBRA's assessment portfolio . This issue covers 2,948 unique global MM-sponsored borrowers assessed on a last 12-month (LTM) basis through August 2026 and 1,053 assessments completed during the rolling three-month (3M) period from June through August 2026.
August indicators showed continued pressure at the margins. The rolling LTM KBRA Middle Market Default Monitor (KMDM)—our forward-looking…
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