capital structure

Acquisition leverage has recovered to roughly where it stood at the 2021 peak. On platform deals the senior layer has not, and the gap was filled by junior capital, which is not the pool most buyers approach first.

Two facilities quoted 75 basis points apart. Once field exams, appraisals, collateral monitoring and the finance team's own hours are counted, the cheaper-looking one costs 82 basis points more to run. The gap reverses entirely.

A manufacturer finances equipment and receivables while its largest asset sits untouched, carried at a depreciated book value that hides what it is worth. Two routes convert it to cash, and only one of them is a loan.

Three United States public companies disclosed covenant amendments in 2026. Every creditor group said yes. One got a conditional bridge of a few months, another two years, a third nearly three. The breach severity is not what separated them.

July brought the first contraction in commercial and industrial balances all year, at minus 1.1 percent annualized. Over the same stretch, lending to non-bank financial institutions reached $2,016.1 billion, up 20.4 percent.

July CPI came in exactly as forecast, both measures eased, and Treasury yields fell across the board. Futures still priced a 42 percent chance of a September hike. What that asymmetry is worth on a floating balance.

A distributor doing $40 million in revenue needs $6 million. Read against cash flow it is short. Read against its assets it clears. Read as a blend it borrows $8.2 million. Same company, same week, three answers.

June core PCE held at 3.3 percent, still above the Fed's 2 percent target, while the policy rate stayed at 3.50 to 3.75 percent. Why a capital plan priced to a 2 percent world mismatches the cost of capital lenders are quoting today.

Core business-equipment shipments rose 1.9% in June and equipment-finance approvals sit near record highs. For manufacturers, the constraint is no longer approval. It is how the financing is structured against the asset.

Two facilities priced 200 to 250 basis points apart in the same week. The difference was collateral, not credit. Why acquisition debt sized only on EBITDA leaves both pricing and capacity on the table.

Two revolvers priced in the same week of July 2026 carried spreads 150 to 250 basis points apart on an identical base rate. The difference was credit tier, and tier is something a borrower can change.

Venture funding hit a record $510B in H1 2026, but 43% went to two AI companies. Why recurring-revenue tech founders are misreading the headline, and the non-dilutive alternative.

A factory index above 50 reads as a growth signal, but hiring is still contracting and input costs are still high. Why financing sized to the headline misreads a margin story as a volume story.

U.S. acquisition capital sits near record levels while deal volume has fallen by half. The binding constraint for buyers now is structure and matching, not availability.

Capex demand is rising into a working capital squeeze. Why paying cash for equipment is the expensive move, and how layering the structure preserves the liquidity growth consumes.

The cheapest quoted rate is rarely the lowest cost of capital. With Q1 2026 spreads ranging 25 to 200 bp, structure, not headline spread, decides what a facility actually costs.

The 10-year Treasury hit a one-year high while markets price the Fed to hold or hike. Why waiting for lower fixed rates is now a bet against the curve, and how to decide structure first.