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Why Capital Solutions: First of Series

Remember HBO GO? It launched in 2010, letting cable subscribers stream HBO content online. Since then, it’s been rebranded more times than anyone can keep track of.

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The Price of Admission 

Next time you are in Barcelona, stop at the Dow Jones Bar. There, drink prices move all night, as you watch the ticker tape like a crowded trading floor. Bull Run Fizz, anyone?

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Private Credit Defaults 101: Beyond the Noise

Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”

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Features

    KBRA DLD Default Indices

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    Direct lending volume fell 3% q-o-q to US$61bn in 3Q26

    US direct lending issuance weakened in 3Q26, marking its third consecutive quarterly decline. Volume fell 3% quarter-over-quarter to US$61bn, 30%…

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    Perpetual BDC redemption wave eases as pro-rated requests fulfilled

    Redemption requests declined quarter over quarter for 13 of the 15 perpetually non-traded BDCs tracked by Fitch Ratings that reported 3Q26 tenders.

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    Rafay Farooqui on the digitization, tokenization, and AI of private credit

    A conversation with Rafay Farooqui, Founder and CEO of SUBSCRIBE.

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About us

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About Churchill

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, the firm provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments.

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    Why Capital Solutions: First of Series

    Remember HBO GO? It launched in 2010, letting cable subscribers stream HBO content online. Since then, it’s been rebranded more times than anyone can keep track of.

    Read More

    US leveraged loans returns turn negative in October

    The Bloomberg US Leveraged Loan Index (Ticker: LOAN) has returned -0.26% this month through October 21, reducing its year-to-date return…

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    M&A activity begins to tick upward

    In the third quarter of 2026, acquisition-linked loan volume across North America and Europe reached about $47 billion, up from $30.6 billion in Q2 and $29.5 billion a year ago.

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    High-Yield Bond Statistics

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    $1trn and counting

    Investor allocations to private credit climbed by nearly a quarter year-on-year as positive sentiment shows no sign of weakening. The…

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