April 2026 Private Lending Report: The Impact of Rising Treasury Yields

I often write about the macroeconomic factors that create noise in our industry—and how the most successful lenders block it out and stay focused on what they can control. In April, however, that “noise” became impossible to ignore.

As the war with Iran continued and oil prices remained elevated, the 10-year Treasury yield climbed again—marking its sixth increase in the past seven months. That shift put an end to the steady decline in DSCR interest rates, while bridge loan rates have held relatively flat since February of this year.

Here’s how that shift played out across private lending in April.