This is Fitch's private credit default rate data, compiled for the past 7 months.
The interesting part is which borrowers are defaulting.
Spoiler alert: it's the smaller ones.
In 2025, issuers with EBITDA of $25 million or less defaulted at a 15.8% rate, nearly four times the 4.0% rate for borrowers above $100 million.
Link in comments