The Long View
Private Credit Stabilised and Deteriorated in the Same Quarter, and Both Are True
One account of second-quarter results says conditions have begun to stabilise. Another, from a review of filings by 44 business development companies, says portfolios moved further below cost. Ares Capital's non-accruals rose 15 percent to $708m. The reports do not contradict each other; they describe different derivatives of the same line.
