More research
Europe’s defense boom is real. Its defense capacity is not
The cancellation of Germany’s F126 frigate programme highlights a risk markets have largely ignored: budgets can be approved overnight, but industrial capability takes years to rebuild. The bottleneck in European rearmament is no longer political willingness — it is execution.
Macro · Credit
Software’s Double Whammy: AI Disruption Meets $538 Billion of SaaS Direct Lending
AI is creating winners, but the bigger risk may be what it does to businesses financed before the rules changed.
Credit · AI Infrastructure
Office Is the Visible Crisis. Multifamily Is the Hidden One.
CRE stress is no longer just an office story. The next pressure point is smaller-bank exposure to multifamily, construction and refinancing risk.
Credit
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