Private Debt Investor, June 2026 Cover Story: “Time to Face the Music?”

In PDI’s June cover story on mounting scrutiny of private credit valuations, Marblegate Managing Partner and CIO Andrew Milgram argues that reported marks have not kept pace with the real deterioration inside middle-market borrowers, even as their public peers have thrived. Drawing on the firm’s data with RapidRatings, Milgram notes that around a quarter of mid-market borrowers cannot cover their interest (“that’s terminal… you can’t pay your bills”) and cautions that the largest write-downs are still ahead. The article features the Marblegate/RapidRatings 2019–2025 comparison and captures the shift now underway, from debating marks to confronting borrower health, and asks whether today’s stewards of capital have the experience to manage a protracted workout cycle.

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