Field notes on credit, structure, and the working capital markets. No press releases, no recycled industry wire.
A generation of brokers learned to win by selling the third, fourth, and fifth position. The arithmetic was never going to hold — and the unwind is already underway.
When the take-out doesn't show up on schedule, bridge structures become balance-sheet risk. How to underwrite the exit before you underwrite the entry.
Eligibility, dilution, concentration. The three terms that separate a clean facility from a workout. A field guide for operators preparing for an ABL review.
The structure on the term sheet matters less than the structure on your balance sheet. A walk-through of how each option moves through the books over five years.
Equipment values, fuel volatility, and broker margins are all repricing simultaneously. The carriers that survive will be the ones who refinanced before they had to.
The rent roll. Then the trailing twelve. Then the sponsor's last three deals. Everything else is window dressing — here's how to lead with what underwriting actually needs.
New briefings published quarterly. To receive Perspectives directly, contact the desk.
