Cross-Border Capital Flows in Middle Market Private Credit
The middle market private credit opportunity has historically been a North American story. That is changing in ways that are...
Forward for Specialty Finance
Pulse
The PIK Divide: Separating Structural Flexibility from Shadow Distress in Private Credit
As of the first quarter of 2025, 11 percent of debt investments tracked by Lincoln International carried some form of...
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 DiNozziRestructuring Profession In any distressed credit, the senior lender’s objective is straightforward: preserve collateral value,...
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 the broadly syndicated loan market and private credit direct lending has shifted from parallel tracks into something...
