Credit Stress Toolkit

Credit stress is a recurring theme in investor conversations, often tied to headline topics such as:

The Credit Stress Toolkit was developed by the Golub Capital Insights team to help investors better understand these commonly cited signs of credit stress—clarifying what they do (and don't) tell us in the context of private credit.

Default Rates

Default Rates

Whose Default is it?
Default Disparities Across Private and Public Credit

Default rates are a common starting point for evaluating credit performance. But what counts as a “default” can vary widely depending on who you ask.

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Cov-Lite Loans

A Matter of Control
Covenants, Lender Vigilance and Managing for Outcomes in Direct Lending

The term “cov-lite” often carries a pejorative connotation, and the rise of cov-lite loans in private credit has sparked investor questions about lender protection and risk management.

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Cov-Lite Loans

PIK Interest

PIK Interest

The Bigger PIK-ture
Bringing Clarity to Payment-in-Kind Structures in Private Credit

Some commentators have described payment-in-kind (PIK) interest as being everywhere and always a sign of borrower distress. In reality, private credit providers often offer PIK to the very best borrowers.

Read the White Paper
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