Author: Gage
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Technology Isn’t Getting Faster — It’s Getting Slower (And It’s Not Your Fault)
For years, we’ve been told a simple story about technology: hardware improves, software improves, and everything becomes faster, smoother, and more efficient. But many professionals are quietly noticing the opposite. Opening a document can take minutes. Applications hang while “trying to connect.” Entire meetings stall while presenters wait for files to load. And when these Read more
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Understanding ARRs / RFRs with Calculation Examples & System Implementation – Part 2 of 2
I. Recap & Expanded Context We already covered: This section drills into calculation methodologies, formula examples, and system behavior related to overnight ARR-based interest calculations. II. Interest Calculation Approaches for ARRs / RFRs Many ARRs are backward-looking, and thus the interest is often calculated only near or after the end of the interest period. Several Read more
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Guide to Alternative Reference Rates (ARR): From LIBOR to Risk-Free Rates and Term Benchmarks – Part 1 of 2
Introduction This guide is designed to educate market participants, analysts, legal teams, and operations professionals on the transformation of global interest rate benchmarks—from legacy indices like LIBOR to modern, transaction-based Alternative Reference Rates (ARRs), including Risk-Free Rates (RFRs) and emerging Term Rates. We explore the historical context, rationale for reform, technical differences between rates, and Read more
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Private Credit: A Comprehensive Guide to Direct Lending and Syndicated Structures
Introduction: Private Credit Syndicated Loans – A Training Guide Private credit is one of the fastest-growing segments of global capital markets, yet it remains one of the most opaque and complex. Unlike broadly syndicated loans (BSLs) or traditional bank financing, private credit transactions are negotiated privately, customized heavily, and operated in a world outside public Read more
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Non Pro Rata in Syndicated Loans: Training Guide
Introduction In syndicated lending, the default expectation is that all lenders in a loan facility share in principal repayments, interest, fees, and amendments pro rata—meaning, based on their respective percentage ownership. However, in practice, non pro rata situations arise frequently due to changes in lender participation, amendments, trading behavior, or operational execution. This guide focuses Read more
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Payment‑in‑Kind (PIK) Trading & Agent Bank: Training Guide Part 2
This is the second guide in the series on Payment-in-Kind (PIK). Readers are encouraged to review the initial guide, “Payment-in-Kind (PIK) Interest: Training Guide,” beforehand, as this guide builds upon and partially overlaps with the content covered there. Table of Contents What is “PIK” in Loans & “PIK Traveling Free” PIK = Payment‐in‑Kind interest Because Read more
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Payment‑in‑Kind (PIK) Interest: Training Guide
Introduction Payment-in-Kind (PIK) interest is a specialized financing mechanism often used in syndicated loans, mezzanine debt, and private credit markets. Rather than requiring periodic cash interest payments, PIK structures allow the borrower to defer interest by capitalizing it—adding it to the principal balance of the loan. While this can provide strategic flexibility during capital-intensive ramp-up Read more
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You’re Still on the Hook: What Every Taxpayer Needs to Know Before Hiring a Tax Preparer
Every year, millions of Americans and their businesses turn to professionals to prepare and file their taxes—CPAs, enrolled agents, and tax prep chains like H&R Block or TurboTax Live. In a world of confusing IRS codes, endless forms, and shifting regulations, this seems like the responsible thing to do. But here’s the truth that most Read more
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Educational Guide to CLOs in the Syndicated Loan Space
1. What Is a CLO? (Intro to Collateralized Loan Obligations) A Collateralized Loan Obligation (CLO) is a structured finance vehicle that pools together a diversified portfolio of senior secured syndicated loans, typically made to below-investment-grade corporate borrowers.The goal: Repackage and redistribute the credit risk into different slices (tranches) for investors with different risk appetites. Why Read more
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Understanding Private Equity Fund Accounting: An Educational Guide
Private equity fund accounting is a specialized field that requires a deep understanding of fund structures, cash flow management, performance metrics, and investor communications. This guide walks you through key concepts essential for mastering private equity fund accounting, including practical insights and important terminology. ⸻ 1. Structure of a Private Equity Fund and Its Impact Read more