Though the future is largely uncertain, we know the credit markets underpin all activities across global capital markets. While interest rate hikes may shake confidence across many sectors, the resulting market adjustments can provide investors with great opportunities. Companies of all sizes will eventually need to refinance, adjusting for capital needs in a pervasive and persistent inflationary environment. As some market players experience a liquidity crunch, how will debt financing evolve? Will lenders seek ownership through conversion to equity, cash out early, or engage in the secondary markets for liquidity? Where are tomorrow’s opportunities today? If credit is a cycle, where in the history textbook can we reference as a playbook for what is ahead?