As of the first quarter of 2025, 11 percent of investments valued by Lincoln International included some form of payment-in-kind interest — a figure that has climbed steadily from roughly 6 percent two years earlier.1 The headline number, while notable,...

Learn why SolomonEdwards’ Matt Pencek believes "zombie buildups" are stalling PE exits in 2026 and how firms can unlock value through disciplined integration instead of financial engineering.In an era of higher interest rates and tighter multiples, the traditional "buy, bolt-on...

A recent episode of the ABF Journal Podcast explores a strategy that is increasingly vital for middle-market companies caught in a "bottleneck" of distressed debt. As interest rates remain high and businesses are burdened by layered debt — including the...

Through the first eleven months of 2025, PE-backed companies issued $70.2 billion in leveraged loans earmarked for dividend recapitalizations — a post-Global Financial Crisis record, according to PitchBook LCD data.1 The pace has been remarkable: sponsors extracted $43.6 billion in...

Adam DusoCEOSecond Wind Consultants Robert DiNozziChief Growth Officer Second Wind Consultants In any distressed credit, the senior lender’s objective is straightforward: preserve collateral value, avoid unnecessary cost and litigation and maximize recovery. Out-of-court solutions are therefore almost always preferable. The...