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U.S. private credit default rate reaches new high in 2Q26
Fitch Ratings’ U.S. Private Credit Default Rate (PCDR) rose to a new high in 2Q26, according to a new report.
Spread premium tightened slightly in Q2'26
One bright spot for lenders in Q2 was that average spreads edged higher for the second straight quarter.
Multiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
Private credit - Signals, concerns, and manager selection
A conversation with Sonali Basak, Chief Investment Strategist at iCapital.
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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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Unconquered Territory
With most of the map still unexplored, there’s room for a sequel.
Multiples on PE buyouts
Median net debt/EBITDA across the market stood at 4.7x in 2025, and although it bottomed near 4x in 2023 before recovering, it remains below the 5.2x reached in 2021…
BDC redemption requests remain elevated but show some signs of stabilization*
Looking at the 12 largest BDCs that offer investors the ability to redeem shares on a quarterly basis, redemption requests…
Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.