Houlihan Lokey Finds That Stress Among the Smallest Private Credit Borrowers Has Climbed More Than Tenfold Since 2023
Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, found that default rates among private credit borrowers with less than $100 million of EBITDA, the bulk of the direct lending market, ran at 3.0% on a size-weighted basis and 3.6% by count in the second quarter of 2026, according to...