Borrower Advisory

A 2026 Series A takes 18 to 22% of the company at a reset valuation. For a recurring-revenue business that already clears the revenue bar, that dilution is a choice, not a requirement.

Regional lenders posted a sixth straight quarter of margin expansion. Borrower pricing does not move with it. What an untested 25 basis point renewal gap actually costs, and the 120 day sequence that changes it.

Storage took 2.4% of Q1 2026 AI infrastructure spending. That deferral is expiring into a component market that has repriced every quarter. What it costs, and how to structure the refresh.

Two facilities priced 200 to 250 basis points apart in the same week. The difference was collateral, not credit. Why acquisition debt sized only on EBITDA leaves both pricing and capacity on the table.

Direct lending now rivals the syndicated market at $1.5 to $2 trillion, but the majority flows to sponsor-backed deals. Why non-sponsor owners get declined, and what closes the gap.

Two software companies at the same $6M ARR can be priced two turns of revenue apart on category narrative alone. Here is what that gap costs in dilution, and the non-dilutive debt alternative.

Middle-market commercial balances are rising on higher revolver utilization, not new borrowers. With SOFR at 3.63% and September hike odds at 63%, a drawn line funding permanent assets costs twice.

Roughly $1.55B moved into healthcare businesses in one week. The largest deal ended in a sale. The other two used debt and kept ownership intact. Why the same structures rarely reach an independent practice.