Capital Markets & Trends

Median gross revenue retention for private B2B SaaS fell from 88 to 84 percent in 2026, and the top quartile fell just as far. For a company planning to borrow against contracted revenue, that four point move is a borrowing base question.

June core PCE held at 3.3 percent, still above the Fed's 2 percent target, while the policy rate stayed at 3.50 to 3.75 percent. Why a capital plan priced to a 2 percent world mismatches the cost of capital lenders are quoting today.

Middle-market direct lending hit its lowest quarter since 2023 while bank and asset-based capacity expanded. Why the buyers who run a multi-source process capture the leverage.

Single-family offices now drive 65% of NAV loan demand, and 85% of that borrowing funds acquisitions, not distributions. What the shift means for owners financing against a portfolio.

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.

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.

Two revolvers priced in the same week of July 2026 carried spreads 150 to 250 basis points apart on an identical base rate. The difference was credit tier, and tier is something a borrower can change.

As of July 2026, AI perception sets software valuations more than fundamentals do. Two identical-ARR companies can be marked $50M apart. A lender reads your contracts, not your narrative.