ABF Journal

Something is shifting in the competitive geography of private credit that has less to do with interest rates or regulation than with the elementary math of managing very large pools of capital.

For the better part of two decades, lending into software businesses has rested on a comfortable assumption: that recurring revenue is, in fact, recurring. A subscription contract is signed, a seat or a license is provisioned, an invoice is issued and a customer either renews or doesn’t.

For the better part of two decades, lending into software businesses has rested on a comfortable assumption: that recurring revenue...

Mountain Ridge Capital (MRC), an asset-based commercial finance company, upsized its asset-based lending (ABL) facility, from $200 million to $400 million, agented by Wells Fargo Capital Finance. This increased capacity, which is backed by a syndicate of banks, will support MRC’s growth in serving the middle market ABL space in 2026 and beyond.

Everforth, a technology and digital engineering firm, completed the refinancing and upsizing of its $500 million revolving credit facility, with a new five-year $600 million facility, extending the maturity date from 2028 to 2031. “The successful refinancing and upsizing of our credit facility reflects the strength of our balance sheet, the durability of our free cash flow generation and confidence in Everforth’s long-term growth strategy,” Ted Hanson, CEO of Everforth, said.

J.P. Morgan launched Small-Cap Investment Banking (SCIB), a strategic expansion of its Mid-Cap Investment Banking (MCIB) division designed to broaden coverage for smaller commercial and specialized industries (C&SI) clients. The new SCIB group will focus on advising middle-market businesses generally valued between $100 million and $500 million.

MountainSeed, a provider of appraisal management, valuation technology and capital markets solutions to community banks and credit unions, completed a $38 million minority investment from Long Ridge Equity Partners, a growth equity firm with deep expertise in financial and business technology and services. The financing will fuel AI-powered product innovation, accelerate the company’s capital markets offerings and expand MountainSeed’s go-to-market reach.

Consumer Portfolio Services (CPS) renewed its two-year revolving credit agreement with Citibank while simultaneously increasing the capacity of the facility. The renewal and increase apply to both Citibank and the subordinate lender, and increases the capacity of the facility from $335 million to $508 million. Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds or will originate in the future.

Plante Moran, a global accounting, tax, consulting and wealth management firm, promoted the following 36 new partners and two new affiliated entity members: Deepak Agarwal, technology consulting, Southfield Grant Anderson, transaction advisory services, Chicago Melissa Anderson, tax, Schaumburg Andrew Apsey, tax, Traverse City Brad Bachman, assurance, Columbus Ryan Behringer, assurance, Southfield Brad Birkholz, risk and accounting advisory services, Southfield Matthew Brady, tax, Flint Jenna...

Global law firm Norton Rose Fulbright added corporate, M&A and securities partners Nate Hurlbut and John Zarbock, expanding its transactional practices, with particular experience in the rapidly evolving data center, digital infrastructure and energy sectors.