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Switching Costs, The Moat Customers Don't Notice They're Trapped By
A revenue decline and a customer defection look identical on a P&L. They are not the same event, and confusing them is...
August 19th, 2026|4 min read
The Compounders Built on Overlooked Balance Sheets
See's Candies. Nebraska Furniture Mart. Borsheim's. Berkshire Hathaway's formative deals were not famous companies....
August 5th, 2026|4 min read
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