News & Insights
Featuring commentary from Andrew Axelrod on navigating complexity in middle market credit and unlocking value through active involvement.
CLOs Own 75% of the Leveraged Loan Market. Here's Why That Creates Pricing Anomalies.
Market participants who approach leveraged loan pricing through a purely fundamental lens will periodically encounter...
May 6th, 2026|4 min read
The Chopping Block: The Anatomy of a Great Distressed Investment
WHAT WE’RE THINKING ABOUT The Financial Times recently ran a story titled “Distressed debt funds excited about private...
April 24th, 2026|8 min read
The Lenders Who Left: How a Decade of Easy Money Quietly Reshaped the Distressed Credit Landscape
The exit from middle-market distressed credit wasn't dramatic. No firm issued a press release declaring the strategy...
April 22nd, 2026|4 min read
Credit Quality in Decline — Why the Middle Market Is Axar's Hunting Ground
Between 2015 and 2021, the U.S. leveraged loan market grew 75%, ballooning from roughly $800 billion to $1.4 trillion.
April 10th, 2026|5 min read
From Grave Concerns to Growth: The Everstory Revival
There are roughly 3 million deaths in the United States every year. That number does not fluctuate meaningfully with...
March 30th, 2026|11 min read
2026 Market Outlook
2025 looked like a benign year for risk assets. Equity indices finished strong, setting many records along the way, and...
January 19th, 2026|9 min read