Vol. 2.5 — March 2026

Roll-Up PIK Audit

30 roll-up platforms audited across middle market PE and elite boutique lenders. 10 of 30 (33%) are in default, distressed exchange, Ch.11, or formal restructuring. PIK amendment preceded bankruptcy by 18–24 months in every case. ~$24B in impaired debt across six case study platforms.

Vol. 2.5 — Roll-Up PIK Audit

Middle Market PE vs. Elite Boutique Deal Flow

Key Finding

Of 30 roll-up platforms audited: 10 (33%) in default, distressed exchange, Ch.11, or restructuring. PIK amendment preceded every bankruptcy by 18–24 months — functioning as a leading indicator, not a resolution tool. Middle market lenders (avg $150M deal size, 5.5x LBO leverage) are disproportionately exposed vs. elite boutiques ($750M avg, 6.5x leverage) who maintain tighter monitoring and covenant packages.

Platform Index

Case Studies & MM vs. Boutique

Revenue Bridge — Organic vs. Acquired

Revenue Waterfall — Organic vs. Acquired Growth

PIK Shadow Default Timeline

Sector Risk Heatmap

MM vs. Elite Boutique Comparison

Middle Market vs. Elite Boutique — 11 Metrics

Leverage at LBO vs. Current

Leverage Scatter — LBO vs. Current, shaped by PIK type

Lender Exposure

Dashboard