Encina Commercial Finance (ECF) provided $125 million of first-out financing as part of a $300 million senior secured unitranche supporting National CineMedia’s acquisition of Captivate. The financing was provided in partnership with Crestline Direct Finance, which led the transaction and serves as administrative agent. ECF was a joint lead arranger on the...
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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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