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The Lead: 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. Great for a night out.
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October 13, 2026 
Over One-Third of IT Non-Accruals Were Marked at 25 or Below
Over One-third of the Information Technology Sectors’ Non-Accrual Loans Were Marked at 25 or Below as of Q3’25 Click here…
PE exit activity with exits of $1 billion or more
Exit count remains 9.7% below pre-pandemic averages, as exits have been centered around large transactions rather than numerous transactions.
Scrutiny of ‘liquid’ private credit grows
Investor redemptions have created some negative headlines around the asset class, with concern focused on fund structuring. Private credit’s evergreen…
Ken Kencel on two decades of resilience, relationships, and the road ahead
A conversation with Ken Kencel, President and CEO of Churchill Asset Management.
Leverage Takeover
Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.
Tech selloff makes waves in leveraged loan market
The percentage of tech loans trading above par in the secondary loan market plummeted from a high of 47% on…
Leverage Rose Across Most Top Sectors; Spreads Tightened Except Healthcare
Leverage Widened QoQ Across the top 5 Sectors Tracked in Q4’25, Except for Business Services; Spreads Tightened for Most Except…
Software Deferrable Exposure Rising in U.S. Middle Market CLOs
Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance.
Continuation-fund-related exit count
Exits through continuation funds have become a more common exit solution in recent years…
BDC AUM climbed to a new high of US$568bn in 4Q25
The year-end 2025 BDC filing season is nearing an end, with most of the largest BDCs having published their results.
Fundraising shows signs of weakening
It’s only the first quarter, but there are indications that macro events may be taking something of a toll on…
Q1 US Leveraged Loan Issuance Poised for Sharp Year-Over-Year Decline
Q1 US Leveraged Loan Issuance Poised for Sharp Year-Over-Year Decline US leveraged loan issuance has slowed significantly in the first…
The OG of Private Credit (First of a Series)
“Private credit is, by its nature, still an illiquid asset class.”
Perception is Reality
Investors bombarded with scary headlines worrying less about real private credit risks. Source: PitchBook
The OG of Private Credit: How We Got Here
According to iCapital, private credit refers to “tailored financing options – typically loans – that are directly made to strategically identified companies by non-bank lenders.