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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%…
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.
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 $66 billion of committed capital, the firm provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments.
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Spread per turn of leverage tightened 5% for lower middle market
Lenders benefited from better risk-adjusted pricing for larger middle-market and large-cap deals in the third quarter.
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line shows BIZD’s dividend yield rising 130bps in a month to 12.9% as of 22 October, although most…
Single-B loan pricing faces renewed pressure in October; 150 bps gap to double-Bs
We noted in our monthly leveraged loan coverage how average new-issue institutional loan yields moved somewhat counterintuitively: single-Bs tightened 14bp…
Private debt cashflows ($B)
Looking at the wider private markets funds landscape, private debt can be seen as a bright spot—for now—among individual strategies.
Why Capital Solutions: Framing the Picture
Stand in front of a Jackson Pollock long enough and you’ll hear someone mutter, “My kid could have done that.” However, the person next to them might call it a masterpiece…