Relativity, the legal software powerhouse, just pulled off a smart move—refinancing existing private debt at significantly lower borrowing costs in the leveraged loan market. Here's what makes this noteworthy: public market investors are increasingly stepping into territory once dominated by private lenders. This shift signals something bigger happening in finance right now. As institutional capital floods into traditional debt markets, the old guard of private lending faces real pressure. It's a reminder that market structure can shift faster than most expect, and nimble players who adapt get better terms. The ripple effects? Watch how this plays out across other sectors seeking refinancing opportunities.