OBBBA Tax Provisions Transform Middle Market Deal Economics
Permanent bonus depreciation and R&D expensing generate $2-5 million in annual tax savings for typical borrowers, expanding leverage capacity by...
Forward for Specialty Finance
Software and SaaS in the Middle Market: The Shift from Growth to Profitability Financing
As middle market software and SaaS financing pivots from growth-at-all-costs to profitability-driven models, lenders, sponsors, and advisors are rewriting the...
Digital Due Diligence and Virtual Data Rooms: How Technology Is Accelerating Middle Market Deal Velocity
AI-powered VDRs, automated QoE and real-time analytics are compressing diligence from weeks to days and cutting surprises, giving tech-enabled buyers...
Leverage Limits: Stress-Testing Middle Market Debt Capacity in a Volatile 2025 Economy
The U.S. middle market is awash in private credit, fueling dealmaking at a breakneck pace as 2025 unfolds. With economic...
The $35,000 KPI: Why CAC Is the Hidden Lever of Growth for Middle Market Dealmakers
The $35,000 KPI: Why CAC Is the Hidden Lever of Growth for Middle Market Dealmakers Introduction: CAC as the Unseen...
Operational Value Creation: The Collaboration Between PE Operating Partners and Lender Monitoring Teams
Two groups that once viewed each other with often adversarial mindsets—PE operating partners and lender monitoring teams—are increasingly finding common...
The Migration of Direct Lending Down-market: How Sub-$50M EBITDA Companies Are Accessing Private Credit
In the wake of a historic period of bank retrenchment, a financing revolution is taking place that's reshaping how smaller...
The Non-Bank Wave: How Non-Bank Lenders Are Redefining Middle Market Capital Structures in 2025
Non-bank lenders---independent finance companies and private credit funds---are surging past traditional banks, wielding flexible financing tools to reshape capital structures...
The Regulatory Horizon for Specialty Finance: Preparing for New Oversight
By Lisa RafterAs specialty finance fuels middle market dealmaking in 2025, a wave of pending regulations looms on the horizon,...
ABL vs. Cash Flow Lending: The Convergence of Structures in Middle Market Deals
By Lisa Rafter The once-distinct lines between asset-based lending and cash flow lending are continuing to fade, giving rise to...
