Debt is crap. Except for a few categories (taxes, liquidity, structuring, benevolence) it's a game of two parties trying to out-cheat one another.

Let Ω be the core of a normal outcome distribution and / be the payoff hockey stick. Lenders want /``Ω and aren't even willing to accept /Ω. Average borrowers want superimposed Ω and / while bad borrowers want Ω/.

The rest is a game of information asymmetry and disinformation signaling. Each party is trying to outsmart the other even if the Ω is well above break-even. Often, lenders and borrowers are agents concealing the true game from principals.

Equity is better. There is no /, and strategy considerations are reduced.

Either debt draws vultures into business, or perhaps they're going to go in anyways and that's where they land. Various kinds of debt games were codified into law to make the vulture nests bigger.

Real estate is debt central.