non-dilutive debt

A term loan is sized once and never changes. A committed facility against recurring revenue is sized as a multiple of monthly revenue, and availability rises as that revenue rises, without a second underwriting.

Two recurring-revenue companies each report $6.0 million of ARR. One is offered a $2.0 million facility and the other $1.0 million. The difference is contract length, and it does not appear in any metric either company reports.

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.

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.

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.

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.