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US Direct Lending Spread Per Turn of Leverage Widens
Wider spreads and slightly lower leverage provided lenders with better risk-adjusted pricing across all deal sizes in the second quarter.
Private credit hits the target
Our latest fundraising data shows funds are now much less likely to fall short of their capital-raising aspirations. The most…
JV and FinCo Exposure Can Increase Risk for BDCs
Elevated off-balance sheet leverage tied to joint ventures (JVs) and finance companies (FinCos) can alter the risk profile of business development companies (BDCs), according to a new Fitch Ratings report…
From Lead Left to The Lead: Randy Schwimmer on private credit's Platinum Era
A special edition – Bloomberg Radio’s Paul Sweeney turns the tables on Randy Schwimmer to celebrate the relaunch of The Lead Left as The Lead.
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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, we provide 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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Fitch Ratings Completes Peer Review of 13 US BDCs
Fitch Ratings has completed a peer review of 13 U.S. business development companies (BDCs). We have affirmed the Long-Term Issuer Default Ratings (IDRs) on 12 issuers and completed one Review No Action. The Rating Outlooks are Negative for three BDCs and Stable for 10 BDCs in this peer group.
Sponsored middle market leverage falls to its lowest level since 1Q23
Total leverage on sponsored middle market transactions declined to 4.40x in 2Q26 from 4.51x in 1Q26, reaching its lowest level…
Deals and refinancing offset market shocks as LevFin issuance tops 2025 levels
Leveraged finance issuance has remained resilient despite technology-sector volatility and geopolitical turmoil. Combined leveraged loan and high-yield bond volume reached…
Business of Private Credit: Sectors and SIC Codes
We’ve spent the last few weeks covering the businesses of the core middle market. Does that same discipline hold when you move up market?