Field notes from the private credit desk.
Short, dated reports on factor rate spreads, default vintages, CRE refi gaps, unitranche pricing, ABL advance rates, and the flows shaping every product we place.
SMB Credit Defaults: What the 2026 Vintage Is Telling Us
Twelve-month default rates on 2026 originations are tracking 80 bps below the 2023 vintage at the same seasoning point, with the largest improvement in services and B2B.
Trucking Sector Risk: Three Reasons Funders Are Still Cautious
Spot rates have stabilized but fuel volatility, insurance inflation, and concentration risk continue to keep most lender boxes restrictive on owner-operators.
Private Credit Allocators Are Rotating Toward Short-Duration SMB
Institutional capital that previously favored direct lending to middle-market sponsors is rotating into shorter-duration SMB and revenue-based product as spreads compress in the larger market.
Why Soft-Pull Pre-Qualification Is Outperforming Hard-Pull Workflows
Funders that adopted soft-pull pre-qualification in 2025 are reporting 2.3x higher application-to-funding conversion and materially lower CAC than peers still gating with hard pulls.
Equipment Financing Rates: The Curve Is Finally Cooperating
With the front of the curve at 4.85% and the belly inverting only modestly, equipment financing pricing has improved materially for A and B credits.
Lines of Credit: Utilization Is Up, Pricing Is Down
Average draw utilization on SMB lines crossed 62% in Q2 2026 — the highest since 2019 — yet headline pricing has tightened 90 bps as bank and non-bank lenders compete for prime files.
SBA 7(a) vs Conventional Term: When the Guarantee Pays Off
Falling SBA fees and faster PLP processing have changed the math. For tickets under $500K with weaker collateral, 7(a) is now structurally cheaper than conventional term once total cost of capital is measured.
Factoring Spreads Hold Firm as Receivables Aging Quietly Worsens
Discount fees on non-recourse invoice factoring held at 1.8% to 2.4% per 30 days through Q2 2026, even as average DSO on SMB receivables extended four days year-over-year.
The $1.5T CRE Maturity Wall and the Bridge Opportunity
Roughly $1.5 trillion of US commercial real estate debt matures between 2026 and 2028. Refi gaps are creating one of the largest bridge and mezzanine opportunities since 2009.
Bridge Loan Pricing: Where the All-In Coupon Sits in Mid-2026
Senior bridge debt is pricing SOFR + 450 to 700 over 65% to 70% LTV, with 1 to 2 points up front. Pricing is materially better for industrial and worse for office.
ABL Advance Rates Hold Even as Borrowing Base Pressure Builds
Headline advance rates on AR and inventory ABL facilities held flat year-over-year, but borrowing base eligibility tightened — and that's where the real story lives.
Unitranche Spreads Bottom — Direct Lenders Defend on Structure, Not Price
Sponsor-backed unitranche spreads compressed to SOFR + 475 in mid-2026, the tightest of the cycle. Lenders are competing on covenant relief and delayed-draw flexibility rather than coupon.