The PIK Divide: Separating Structural Flexibility from Shadow Distress in Private Credit
As of the first quarter of 2025, 11 percent of investments valued by Lincoln International included some form of payment-in-kind...
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Pulse
Beyond the Zombie Buildup: Why Integration is the New Value Creation Currency
Learn why SolomonEdwards’ Matt Pencek believes "zombie buildups" are stalling PE exits in 2026 and how firms can unlock value...
The Clean Slate: Mastering Article 9 Restructuring
A recent episode of the ABF Journal Podcast explores a strategy that is increasingly vital for middle-market companies caught in...
The Dividend Recap Surge: What Record Sponsor Payouts Reveal About the Exit Impasse
Through the first eleven months of 2025, PE-backed companies issued $70.2 billion in leveraged loans earmarked for dividend recapitalizations —...
A Workout Without the Mess: When is Article 9 Restructuring the Right Path?
Adam DusoCEOSecond Wind Consultants Robert DiNozziChief Growth Officer Second Wind Consultants In any distressed credit, the senior lender’s objective is...
Basel III Endgame Delays Prolong Uncertainty for Middle Market Lenders
Nearly three years after U.S. regulators first proposed sweeping changes to bank capital requirements, the Basel III Endgame rule remains...
Machine Intelligence Meets Middle Market Lending: The Quiet Transformation of Credit Underwriting
While artificial intelligence reshapes commercial lending at every scale, the middle market’s adoption path reflects its own distinctive blend of...
The Covenant Divide: Why Financial Protections Are Holding Firm in the Lower Middle Market
As covenant-lite structures dominate large-cap transactions, the core middle market tells a fundamentally different story—one where lender protections remain robust...
The Tug-of-War Between Syndicated Loans and Direct Lending
The relationship between broadly syndicated loans and middle market direct lending has evolved from distinct market segments into a fluid,...
The Barbell Effect in Private Credit: What Mega-Fund Migration Means for the Lower Middle Market
Something structural is happening to the competitive landscape of private credit, and it has less to do with rates or...
