Summary

• The private credit market is diverse, reaching well beyond traditional direct lending into asset-backed finance, infrastructure debt, real estate credit and specialty finance.
• Publicly traded, or listed, BDCs, which have approximately $180 billion in assets under management, are structurally distinct from their non-traded counterparts.
• Private credit is adjusting to a different environment from the one that prevailed during its period of rapid growth.

Originally Published on May 6, 2026

By Louay Mikdashi and Jonathan S. Shahrabani

We believe the private credit market is much more diverse—and resilient—than the recent focus on corporate direct lending and BDCs would suggest.

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