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Principal maturities by year: Q2’26 vs Q1’26 ($mil)
Maturities of loans switching to at least partial PIK tends to be longer-dated than Octus’ other stress trackers: nonaccrual and fair value write-down reports.
US broadly syndicated loan CLO defaults in 3Q26 driven by distressed debt exchanges
Out of court restructurings drove nearly all default activity within Fitch-rated U.S. broadly syndicated loan (BSL) CLO portfolios in 3Q26, Fitch Ratings says.
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 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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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.
$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…
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%…
An Intro to Capital Solutions: First of Series
Walking down Park Ave., we’ve noticed a fashion trend gaining steam: baggy pants. What was once a staple of the late ’90s and early 2000s seems to be making a comeback…