The numbers tell a story of compression. After peaking at 716 basis points in March 2023, global new-issue direct loan median spreads fell to 596 basis points at year-end 2024 and then to 544 basis points at year-end 2025, according...

It’s easy to assume that in a sale process, the best buyer is the one offering the highest headline price. For founders who have spent years — or even decades — building a business, price is an important and tangible...

The capital stack is not an abstract concept. It is a priority schedule that answers a single question when a borrower runs into trouble: who gets paid first, and who is left with what remains? For the growing population of...

TMA Global Chair Rachael Smiley sits down with Greenberg Traurig's Alan Brody to talk relationship capital — and why the trust professionals build early can pay off when clients need it most. Watch the latest installment of TMA's Leading Edge...

The debate over private credit stress tends to default, as debates in financial services often do, to the headline number. In the case of direct lending, that number is the covenant default rate reported by Lincoln International's Lincoln Senior Debt...