The week’s clearest asset-based lending signal came from third-quarter reporting rather than new closings: borrowers laid bare how much liquidity now sits inside their ABL revolvers. ProFrac disclosed a borrowing base of roughly $245 million against $148 million drawn and $18 million of letters of credit, leaving only $79 million of availability...
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In an era defined by rapid recalibration, this issue dives deep into the 2026 middle market, examining how asset-based lending has evolved into a foundational liquidity engine as private credit navigates a $1.2 trillion maturity wall and shifting deal structures. At the heart of this edition, we celebrate our 2026 Legends & Leaders honorees — the Icons whose storied careers have defined the industry, the disciplined Sentinels and the deal-making Rainmakers, as well as the visionary Innovators and NextGen stars engineering what comes next. Through expert features on market pressures and exclusive roundtable discussions on the intersection of technology and relationship-based lending, we highlight the conviction and resilience of the professionals shaping the next chapter of global capital.
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