Timely, independent, loan-level benchmarks that show asset managers and investors where the private credit market is actually pricing — so they can set terms, allocate, and monitor portfolios with confidence.
Kroll StepStone Private Credit Benchmarks
Published Every Month
The Kroll StepStone Private Credit Market Report
The clearest window into the benchmarks, open to the whole market. A concise monthly read on where private credit is pricing — deal terms, spreads, leverage and underwriting — drawn from global originations observed over the trailing 365 days. The easiest way to see what the benchmarks reveal.
Latest edition: September 2026 · Spreads and yields keep compressing year-over-year while interest coverage firms across segments.
Why It’s Different
Where Deals Are Clearing — Not Just Where They Were Marked
Most private-credit market data reflects where existing loans were marked, reported quarterly, derived from a single firm’s own valuation book. The Kroll StepStone Benchmarks are built differently.
Kroll StepStone | Typical Quarterly Index | |
|---|---|---|
What it measures | Where new deals are clearing (primary market) | Where existing loans were marked |
How often | Data weekly. Report monthly | Quarterly |
Source | Independent, rules-based. Kroll + StepStone origination data | One firm’s own valuation book |
Depth | 18,000+ loan-level deals, filterable by region, sector, size & lien | Often fund-level aggregates or modeled estimates |
Coverage | Global — deep U.S. and European coverage | Frequently U.S.-centric |
What You Get
Three Ways to Read the Market
Access broad and in-depth insights, filterable by region, sector, obligor size and lien, so you can compare your strategy against a live market barometer.
New Issues
Underwriting terms and pricing on newly issued loans, tracked in near real time. See where the market is clearing today.
Near Real-time
Market Report
Curated monthly insights on the direct lending market, designed for broad distribution. The front door to the benchmarks.
Published Monthly
Outstandings
Credit metrics and pricing on outstanding loans, including risk indicators like share priced below 90 and interest coverage under 1x.
Tracked Quarterly
The Platform
Explore the Data Yourself
The benchmark platform features a fully redesigned, interactive interface. Explore the data dynamically and compare multiple benchmarks and indicators side by side.
- Overview Dashboard — high-level comparison across benchmarks and indicators.
- New Filters — dissect the market by use of proceeds and sponsored vs. non-sponsored.
- Market Structure — cross-sectional analysis by sector, size, country and more.
- Extended History — 10+ years of full-cycle data, easily exportable
- New Risk Indicators — % priced below 90, % with interest coverage < 1x, % with EBITDA < 0.
- Market Map — comprehensive grid view of all benchmarks and indicators.
New: Payment-in-Kind (PIK) indicators. Three new indicators tracking non-cash interest use across private credit — one of the clearest early signals of borrower stress, now measured independently at the deal level.
Have an account?
Click the below to log in to your Kroll StepStone Private Credit Benchmarks account.
