With the development of commerce, niche lending institutions such as companies report significant losses from early trades, and the private equity industry is facing a severe test. KKR Capital Corp. has significantly cut dividends after impairing loans to companies like Cubic Corp. and Medallia. Medallia is a software company whose valuation has been cut by Blackstone Group by 70%. These difficulties highlight the legacy issues of the era of cheap money and aggressive acquisitions, which now extend across various sectors from software to veterinary clinics and dental practices acquisitions.