Insights
News & Insights
2026 2H Market Outlook – the “Velvet Rope Market”
When we published our annual outlook in January, the defining feature of leveraged credit markets, from where Axar...
July 9th, 2026|7 min read
Active vs. Passive in Distressed Credit: Why Showing Up at the Table Changes the Outcome
Consider a scenario where a middle market company tips into distress. The capital structure is contested, the...
June 18th, 2026|8 min read
The PE Overhang: Why Sponsors Are Stuck and What It Means for Credit
Private equity has a returns problem that is not showing up in IRRs. It is showing up in distributions.
June 3rd, 2026|7 min read
What Happens to a Company After a Liability Management Exercise
In 2022, a mid-size sponsor-backed company facing a wall of maturing debt executed a Liability Management Exercise...
May 20th, 2026|6 min read
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