Sector Distress Divergence: Navigating the Uneven Recovery in Middle Market Credit
The distressed landscape in 2025 presents a paradox: while overall default rates remain manageable at 2-3% according to Barclays forecasts,...
Forward for Specialty Finance
Pulse
Record Dry Powder Fuels Documentation Deterioration and PIK Proliferation
Private equity dry powder at $1.6 trillion and private credit funds sitting on uncommitted capital that has "nearly quadrupled" since...
Private Credit’s Speed Premium Powers Middle Market M&A Recovery
Direct lenders finance 86% of LBOs as certainty of execution commands 75-100 basis point premium while cutting close times from...
Liability Management 2.0: Post-Serta Innovation Accelerates Despite Court Setbacks
Q2/2025 LMT volume surpasses 2024's record pace as sponsors combine dropdown, uptier and double-dip structures in increasingly complex transactions that...
Getting Your First Institutional Warehouse Line: Common Term Sheet Elements, Pro Tips, and Do’s and Don’ts
Many non-bank finance companies obtain their initial credit facilities from friends and family or, occasionally, from a family office. These...
Hybrid ABL-Cash Flow Structures: The New Middle Market Standard
The convergence of ABL and cash flow lending represents more than a financing tweak—it's a structural shift blending ABL's precision...
Direct Lending and BSL Markets: The Battle for Middle Market Share
While BSL markets will appeal to borrowers with lower pricing in 2025, large credits will no longer default to BSL...
Don’t Panic: Five Smart Plays for Lenders When a Borrower Breaches a Covenant
Covenant breaches are on the rise — this article outlines five key steps lenders should take to respond quickly, protect...
Preventing Double-Pledging Fraud: Why Lender Coordination is the Key to Securing Asset-Backed Consumer Lending
Recent high-profile frauds in the consumer finance space have highlighted a serious and growing risk for asset-backed lenders: the double...
BDC Regulatory Evolution Opens New Capital Formation Avenues
Simplified co-investment relief and leverage flexibility position BDCs to deploy $228 billion in combined assets as SEC modernizes 1940s-era restrictions....
