Justin Ho

When you think about it from just the cost of debt capital perspective, 2020 and 2021 were very low interest rate years.

When you think about it from just the cost of debt capital perspective, 2020 and 2021 were very low interest rate years.

They need to refinance their debt.

They need to refinance their debt.

So that is probably the primary driver of supply.

So that is probably the primary driver of supply.

So we're calling for debt-financed M&A volumes to be up pretty significantly on a year-over-year basis, call it somewhere around 25% or so.

So we're calling for debt-financed M&A volumes to be up pretty significantly on a year-over-year basis, call it somewhere around 25% or so.

Crackling Texas post oak wood is heating up the smoker at Charlie Rose Barbecue in Taylor, Texas, 40 miles northeast of Austin.

Crackling Texas post oak wood is heating up the smoker at Charlie Rose Barbecue in Taylor, Texas, 40 miles northeast of Austin.

It's a low slung gray takeout place with picnic tables out front.

It's a low slung gray takeout place with picnic tables out front.

Pitmaster Rusty Rohan was out here at 540 this morning putting his briskets on.

Pitmaster Rusty Rohan was out here at 540 this morning putting his briskets on.

It's quite the process, so you can't quickly adapt to daily shifts in demand.

It's quite the process, so you can't quickly adapt to daily shifts in demand.

And Rohan, who got into the barbecue business in 2021 after leaving his job as a high school football coach, says smoking brisket has gotten a lot pricier.

And Rohan, who got into the barbecue business in 2021 after leaving his job as a high school football coach, says smoking brisket has gotten a lot pricier.

With a small setup in Taylor, population 18,000, it's a guessing game how much brisket to smoke for the next day.

With a small setup in Taylor, population 18,000, it's a guessing game how much brisket to smoke for the next day.