Insights

Asset-based finance was estimated at more than $6.1 trillion on 2024 data and projected to reach $9.2 trillion by 2029. Inside it are mandates written for contracted and intangible cash flows rather than for hard assets.

Private shares trade below the last round price, and how far below depends on when that round was priced. A 2021 mark trades around 60 percent under. A 2025 mark trades around 1 percent under. What that costs an early holder.

July CPI came in exactly as forecast, both measures eased, and Treasury yields fell across the board. Futures still priced a 42 percent chance of a September hike. What that asymmetry is worth on a floating balance.

A ten-month job billing $100,000 a month withholds $100,000 by closeout. At builder margins near 11 percent that is almost the entire profit on the job, and a standard receivables facility gives you nothing against it.

Two buyers agree the same $18 million price for the same business. Depending on how the deferred consideration is structured, the cash the buyer needs at close is $9 million, $5 million, or $3 million. The price never changed.

Two principals began structuring on the same Monday. A $5 million facility against receivables closed in six weeks. A $30 million facility against mixed collateral took eighteen. Where the twelve extra weeks actually go.

The median interval from seed to Series A has stretched to roughly 2.2 years. A company that closed with 18 months of cash is eight months short before it does anything wrong. What the decision looks like at month 10 against month 16.

A distributor doing $40 million in revenue needs $6 million. Read against cash flow it is short. Read against its assets it clears. Read as a blend it borrows $8.2 million. Same company, same week, three answers.