NEW YORK, July 28, 2026 – Proskauer today released its latest Private Credit Default Index (the "Index"), which tracks senior-secured and unitranche loans in the United States. The Index revealed a default rate of 2.51% for the period of April 1, 2026 – June 30, 2026. The rate represents a decrease from 2.73% in Q1 2026.
This quarter's Index encompasses 716 loans representing $195.6 billion in original principal amount.
"The slight decline in the overall default rate this quarter reinforces the resilience of the private credit market despite continued economic uncertainty," said Stephen A. Boyko, partner and co-founder of Proskauer's Private Credit Group. "Although conditions continue to vary by industry, overall default rates remain within the range we have observed over recent quarters. In the software and technology sector, default rates remained stable despite ongoing market attention. We will continue to monitor credit performance and assess trends as the market evolves."
In companies with EBITDA of less than $25 million, we observed a modest decrease from 2.3% in Q1 2026 to 1.9% in Q2 2026. For those with EBITDA of $25 million to $49.9 million, we observed a modest increase from 3.1% in Q1 2026 to 3.4% in Q2 2026. Companies with EBITDA equal to or greater than $50 million decreased to 2.4% in Q2 2026 from 3.0% in Q1 2026.
The Proskauer Index contains a comparison to default rates published by the rating agencies, a principal-weighted default rate, historical trends by industry and EBITDA bands, defaults by type, defaults in cov-lite loans, and defaults by year of origination. The full report is available only to the Firm's direct lending clients.