Proskauer released its latest Private Credit Default Index, which tracks senior-secured and unitranche loans in the United States. The Index revealed a default rate of 2.73% for the period of January 1, 2026 – March 31, 2026. The rate represents an increase from 2.46% in Q4 2025 and 1.84% in Q3/25. This quarter’s index encompasses 697 loans representing $189.2 billion in original principal amount.
“The first quarter reflects a continuation of the modest upward trend in defaults that began in mid-2025,” Stephen A. Boyko, partner and co-founder of Proskauer’s private credit group, said. “While there are signs of pressure in certain segments, overall levels remain relatively contained and continue to track below those in the broadly syndicated loan market. We are closely monitoring developments across borrower cohorts and across sectors. Despite concerns about the performance of loans in the software and technology sector, default rates in that industry have remained relatively stable.”
In companies with EBITDA of less than $25 million, Proskauer observed a modest increase from 1.7% in Q4/25 to 2.3% in Q1/26. For those with EBITDA of $25 million to $49.9 million, Proskauer observed a modest decrease from 3.6% in Q4/25 to 3.1% in Q1/26. Companies with EBITDA equal to or greater than $50 million rose to 3.0% in Q1/26 from 2.4% in Q4/25.
