After Unitranche: How the Middle Market Capital Stack Is Being Pulled Apart from Inside
The numbers tell a story of compression. After peaking at 716 basis points in March 2023, global new-issue direct loan...
Forward for Specialty Finance
Pulse
Why the Right Buyer Isn’t Always the Highest Bidder
It’s easy to assume that in a sale process, the best buyer is the one offering the highest headline price....
Where the Risk Sits: A Verified Look at Subordinate Debt, Recovery Rates and Intercreditor Dynamics in the Middle Market
The capital stack is not an abstract concept. It is a priority schedule that answers a single question when a...
Building Trust Before It Counts: TMA’s Latest Leading Edge Episode
TMA Global Chair Rachael Smiley sits down with Greenberg Traurig's Alan Brody to talk relationship capital — and why the...
Covenant Defaults and the “Bad PIK” Signal: What Lincoln International’s Senior Debt Index Is Telling Direct Lenders
The debate over private credit stress tends to default, as debates in financial services often do, to the headline number....
Capital, Consolidation & Conspicuous Consumption: The Gilded Age Captains of Industry
Editor’s Note: This is the second installment of a summer series. Read the first article here. Cyrus McCormick had perseverance...
Slowing Growth, Rising Stress: What the Middle Market’s Diverging Credit Signals Mean for Lenders and Sponsors
Lincoln International's Private Market Index (LPMI) recorded full-year 2025 EBITDA growth of 4.7% across its middle market portfolio, an improvement...
ABF Under Pressure: Capital One’s John Robuck on What Sets It Apart
Click here to listen on Spotify. Private credit has had a rough stretch. High-profile defaults and bankruptcies have shaken confidence...
Stopping MCA Withdrawals: Why an “MCA Attorney” May Not Be the First Call
The Risk in Confusing an "MCA Attorney" with Corporate Restructuring Counsel Search the internet for "stop MCA withdrawals" and you'll...
TMA Leading Edge Series with Matthew English: Decision Paralysis: A Barrier to Turnaround
ABF Journal is proud to share the next installment of TMA's 10-part interview series produced by Second Wind Consultants/Rise Alliance,...
