The Information Gap Hiding Inside Private Credit’s PIK Boom
Payment in kind arrangements were once a niche tool for structuring flexibility. In 2026 they have become one of the clearest early readings on where
Payment in kind arrangements were once a niche tool for structuring flexibility. In 2026 they have become one of the clearest early readings on where
There is a specific moment in every credit cycle when the signals become readable — when the underlying stress that has been accumulating becomes visible
The democratization of private credit is one of the defining narratives of this capital market cycle. It is also one of the most structurally fraught.
Ask a private credit professional why secondary trading in their market is so thin, and they will give you a practical answer: the loans are
Financial systems were once designed for openness. Cross-border flows, integrated payment networks, and global capital mobility were considered foundational. That assumption is now being re-evaluated.
The center of gravity in global finance has shifted. While public markets remain visible and influential, a growing share of economic value is now held
Liquidity used to be treated as a function of market size and participation. If there were enough buyers and sellers, assets could move, capital could
For decades, financial markets operated under a unifying assumption: globalization would deepen, integration would increase, and capital would move freely across borders. That assumption is
In stable markets, intermediaries play a straightforward role. They connect buyers and sellers, facilitate introductions, and help negotiate terms. Their value lies in access and
While the world wrestles with inflation and geopolitical fragmentation, five American technology giants are preparing to deploy roughly $700 billion into AI infrastructure in 2026