Advertise on podcast: ABF Journal's Thought Leadership Podcast

Megadeals grab the headlines, but the lower middle market is where the real story of M&A is playing out. In this episode of the ABF Journal Podcast, Paren Knadjian, partner at Eisner Advisory Group, explains why deals are taking longer to close, why buyers are digging deeper into due diligence and why deal quality matters more than deal volume. Knadjian, who has guided more than 300 M&A and capital markets transactions on both the buy side and the sell side, also tells asset-based lenders what a stretched timeline means for underwriting, why the balance sheet matters as much as earnings, and which risk he thinks lenders are underestimating. In this episode: Why deal timelines are stretching and whether it's the new normal How rollover equity, earnouts and seller notes bridge valuation gaps What longer closings mean for lenders' underwriting and collateral diligence Why bank consolidation is accelerating and what borrowers should expect How tax changes, interest rates and private equity dry powder shape the outlook into 2027 Subscribe to the ABF Journal Podcast for conversations with the leaders shaping asset-based finance, and visit abfjournal.com for daily news, features and more.

Every headline seems to have an AI angle, but what does that mean for middle market borrowers who aren't building data centers? In this episode of the ABF Journal Podcast, Rita Garwood, editor in chief of ABF Journal and monitordaily.com, talks with Mike Semanco, president and COO of Business Finance at Mitsubishi HC Capital America. Semanco explains why an asset-based lender still starts with collateral, how the Great Recession and the rush into electric vehicles shaped his credit thinking, and why he believes companies that use AI as a tool are better positioned than those that pivot entirely. In this conversation: • Where capital is flowing and how much is tied to AI and data centers • Why collateral comes first and cash flow second in ABL underwriting • The metrics that matter most now, from free cash flow to EBITDA add-backs • How Mitsubishi HC Capital kept lending to manufacturers during the Great Recession • Warning signs in the EV pivot and why the lender passed on some deals • Where the AI cycle echoes the EV story, and where it doesn't • What borrowers without an AI story should do now

Solifi has made its third acquisition in 14 months, acquiring Inovatec and adding retail automotive and power sports loan origination technology to its secured finance platform. In this episode, Monitor Editor-in-Chief Rita Garwood sits down with Solifi CEO Dan Corazzi and Inovatec co-founder Vladimir Kovacevic to talk about why the deal made sense, how the companies plan to integrate their technology and teams, and what's next for customers on both sides. Topics covered in this episode: — The product and geography gap that made Inovatec the right acquisition target — How Solifi's private equity partner, TA, shaped the deal — The plan for integrating Inovatec's Propel platform with Solifi's existing tools — What changes — and what doesn't — for customers on both sides — The future of Inovatec's Vancouver and Serbia offices — Where AI creates new opportunities across the combined platform — What success looks like 12 months from now

Private credit has taken hits from high-profile defaults and bankruptcies over the past year — so why has asset-based finance (ABF) held up so much better?In this episode, Rita Garwood, editor-in-chief of ABF Journal, sits down with John Robuck, head of the Financial Institutions Group at Capital One, to break down what's really insulating ABF from the volatility hitting direct lending.They cover:• The structural protections (over-collateralization, borrowing base formulas, bankruptcy remoteness) that set ABF apart• Why the current surge of capital into ABF is genuine new money, not just a rotation out of riskier credit• Which ABF sectors are attracting the most investor interest right now, and why• How leverage works differently in ABF than in direct lending — and where it can become dangerous• Early warning signs of overheating to watch for• What separates a well-structured ABF deal from the next cautionary tale• Where ABF fits in institutional portfolios five years from nowWhether you're an investor, lender, or just trying to make sense of where private credit is headed, this conversation offers a clear-eyed look at why ABF is proving more durable — and what could change that.

Banks are moving upmarket — deal sizes that used to be $5-10 million are now $25-50 million at many institutions, leaving smaller businesses out in the cold.In this episode, Joe Camberato, CEO of National Business Capital, joins us to break down where banks are retreating, how non-bank lenders are stepping in, and why staying independent from private equity has shaped NBC's approach to funding.We cover:• Where banks have pulled back over the last 6-12 months• Whether non-bank pricing is compressing or still carrying a premium• The fastest-moving signals that show lender appetite shifting in real time• Why consolidation is making marketplaces more valuable, not less• What most people outside the industry get wrong about small business credit right nowJoe Camberato is the CEO and founder of National Business Capital, which has deployed over $3 billion in financing to small and mid-sized businesses without taking on private equity.Subscribe for more conversations on small business finance, lending trends, and capital markets.

How has DIP financing changed in today’s Chapter 11 cases? In this episode of the ABF Journal Podcast, Editor in Chief Rita Garwood sits down with Seth Lieberman, partner at Pryor Cashman, to discuss the biggest trends shaping DIP financing and bankruptcy negotiations. Their conversation covers:• Why inclusiveness has become increasingly important in DIP financing• Why DIP financing has become a flashpoint in large Chapter 11 cases• Adequate protection disputes and what is driving them• Non-pro rata roll-ups and why they continue to generate litigation• Equity conversion features in DIP facilities• The appellate decisions Seth believes practitioners should be watching• Practical advice for counsel entering DIP financing negotiations today Listen now for an in-depth discussion on one of the most important areas of today’s restructuring market.

What's actually being evaluated when a lender can close a deal in days instead of weeks — and what's the trade-off in risk?In this episode of ABF Journal's Thought Leadership Podcast, Joe Camberato, founder and CEO of National Business Capital, breaks down how his firm has built its entire underwriting process around speed, without giving up discipline.We get into:• Why speed is the core value proposition — and when it isn't• What's actually being reviewed inside a days-long underwriting process• The risk theory behind fast lending, and how it differs from traditional ABL• Where human judgment still beats automation• The borrower profile this model is built for — and who gets declined• When speed is the wrong answer, and a slower deal is the safer one• What loss data and the current credit cycle reveal about high-velocity lending• The one structural blind spot Joe thinks the ABL industry still hasSubscribe to ABF Journal's Thought Leadership Podcast for more conversations with leaders across asset-based lending, private credit, and specialty finance.

For the average importer in 2026, inventory is now 15% more expensive than it was just a year ago. But does a higher cost on the balance sheet translate to higher recovery values?In this episode, Rita Garwood sits down with Alex Sutton, Head of Research at Gordon Brothers, to move past the headlines and look at the data. They discuss how persistent tariff volatility is creating a "new normal" for domestic supply chains, the challenges of "out of formula" financing, and the specific red flags lenders should look for in borrower reporting.Key topics include:• The "Step-Up" Effect: Why inventory costs have spiked by 15%.• Valuation Realities: Why higher replacement costs don't always mean higher liquidation values.• Industry Spotlights: Why electronics and furniture are feeling the most pressure.• The "Hangover Effect": Tracking the aftermath of pre-tariff over-purchasing.

In this episode of the ABF Journal Podcast, editor in chief Rita Garwood sits down with two of the leading experts in liability management covenant analysis: Julian Bulaon, head of liability management for Americas Covenants at Octus, and Melissa Kelley, deputy head of the Americas Covenants team and a former LME litigator with nearly a decade of experience in New York and London.   Together, they trace the arc of liability management exercises from the shock of Serta Simmons in 2020 — when a bare majority of first-lien lenders used an "open market purchase" loophole to leave the minority holding lien-subordinated, covenant-stripped paper — through the Fifth Circuit's landmark 2024 ruling, and into the current landscape where LME playbooks are evolving faster than the blockers designed to stop them.   In this episode: • What Serta Simmons actually did in 2020 — and why it shocked a credit market that thought it had already closed the relevant loophole • How the "open market purchase" exception was used, why the Fifth Circuit rejected Serta's interpretation, and what the ongoing bankruptcy court remand could mean for the entire loan market • Why the Fifth Circuit's decision didn't end non-pro-rata LMEs — it just changed how they're structured, with privately negotiated purchase exceptions and Extend-and-Exchange structures filling the void • What's happening right now at Medical Solutions, SonicWall, and STARS/Lionsgate — and what makes each situation legally distinct • How the market is naming and tracking blockers — from the "Big 3" (Serta, J.Crew, Chewy) to newer additions like Envision, Xerox, and Pluralsight — and why negotiating power, not awareness, determines which protections actually make it into documents • Whether ABL and asset-backed lenders are exposed to LME tactics, and why the Hertz revolver example offers a model for smarter protection • Why Julian thinks 2025 and beyond may be the era of "stochastic lender violence" — punctuated by moments of extreme aggression as the 2028 maturity wall approaches   Julian Bulaon is head of liability management for Americas Covenants at Octus, where he focuses on identifying the contractual loopholes that enable LME transactions. Melissa Kelley is deputy head of the Americas Covenants team at Octus and brings nearly a decade of front-line LME litigation experience from both New York and London.

In this episode of the ABF Journal Podcast, editor in chief Rita Garwood sits down with Brian Rosa, president of asset finance at Mitsubishi HC Capital America, to explore one of the most significant — and underreported — shifts reshaping the industry: the accelerating collaboration between banks and independent lenders.While headlines have focused on bank retrenchment, Brian argues that the real story is in the partnerships being quietly forged on both sides. Banks are streamlining balance sheets and seeking ways to remain sticky with customers. Independents are sitting on dry powder and hungry for origination volume. The result? A natural — and potentially permanent — alignment that's changing how small businesses and large enterprises alike access capital.Brian and Rita cover:• Why 15–20+ bank–independent partnerships have been announced in recent years — and why that number is likely to keep climbing• How creative deal structuring works in practice, from non-standard collateral to operating leases and co-investment arrangements• The move from pure lending to full lifecycle asset management — and what that means for banks' customers• AI, data centers, robotics, and automation: the two sectors Brian expects to drive the most bank–independent collaboration in the next 12–24 months• The biggest misconceptions traditional bankers still hold about partnering with independent lenders• Whether this partnership model is a temporary response to market volatility — or the beginning of a permanent new ecosystem for small business capitalBrian Rosa leads the asset finance business at Mitsubishi HC Capital America (MHCA), one of North America's largest independent equipment finance / Monitor companies. MHCA operates across both big-ticket and small-ticket/flow markets and has built deep expertise in sectors including transportation, construction, industrial, and technology.

As senior lenders tighten advance rates in the current credit cycle, businesses are facing new hurdles in the capital stack. In this episode, Rita Garwood, Editor in Chief of ABF Journal, sits down with Joe Camberato, Founder and CEO of National Business Capital, to discuss how high-velocity subordinate debt is saving deals. In this episode, we cover: • Where structural friction is occurring in today’s capital stack. • The difference between "Mezz Alternative" products and traditional mezzanine financing. • How to navigate intercreditor agreements without "legal ping-pong". • The rise of collaboration between private equity, senior lenders, and bridge providers. About Joe Camberato: Joe is the CEO of National Business Capital, which has funded over $3 billion in transactions since 2007. He is a frequent contributor to Forbes and CNBC, specializing in scaling businesses through fast, flexible funding.

As the M&A market heats up, so does the potential for litigation. In this episode of the ABF Journal Podcast, Editor-in-Chief Rita Garwood sits down with Frank Dery and Kevin Hagon from Berkeley Research Group (BRG) to dissect their latest report on M&A disputes. While deal volume is rising, the path to a smooth exit is becoming increasingly complex. We dive into why the middle market is currently the "eye of the storm" for conflict, the rising impact of Representation and Warranty (R&W) insurance, and how geopolitical tensions in 2026—from the Middle East to Latin America—are manifesting as legal battles in purchase agreements. In this episode, we discuss: • The Numbers Game: Why more deals naturally lead to less desirable companies entering the market and increasing dispute risks. • The Earnout Trap: Common drafting mistakes in post-COVID deal structures and the "magnification" of disputed items. • Geopolitical & Macro Pressures: How shifting interest rates, tariffs, and global conflicts are triggering MAC clauses and valuation uncertainty. • Expert Advice: The single most important step for PE firms and CEOs to protect themselves before closing a deal.Don't let ambiguity drain your deal value. Tune in to learn how to navigate the current "storm" of M&A conflict.

In this episode of the ABF Journal Podcast, Editor in Chief Rita Garwood sits down with Matt Pencek, National Private Equity Services practice leader at SolomonEdwards, to discuss the shifting landscape of middle-market M&A in 2026.Gone are the days when cheap debt and multiple expansion could paper over integration failures. Matt explains why every basis point of EBITDA margin now depends on a tightly interwoven operating model and a disciplined integration strategy.In this episode, we cover:• The "High Growth Wall": Why operational complexity scales exponentially while revenue scales linearly.• Defining the Zombie Buildup: How to identify platforms that look like one company on paper but operate as siloed entities.• The 100-Day Playbook: Quick wins in back-office consolidation, payroll, and technology architecture.• Lender Red Flags: How to distinguish between a temporary working capital lag and a failed integration.About our guest: Matt Pencek leads the National Private Equity Services practice at SolomonEdwards, focusing on serving PE portfolio companies at critical inflection points across their investment life cycle.

In this episode of the ABF Journal Podcast, host Rita Garwood sits down with Adam Duso (CEO of Second Wind Consultants) and Jason Dinoff (CEO of KCP Advisory and Principal at Cornerstone Business Credit) to discuss the mechanics of out-of-court restructuring under Article 9 of the UCC.As middle-market companies struggle with high interest rates and layered debt stacks, the traditional turnaround is often hindered by legacy liabilities and "predatory" Merchant Cash Advance (MCA) providers. Our guests explain why trying to grow a business before stabilizing its debt is like "hanging drapes in a burning building" and how an Article 9 sale can "divorce" a company from its debt to create a turnkey, performing entity.In this video, you’ll learn:• How Article 9 solves the "bottleneck" in bank-to-ABL transitions.• The legal mechanics of stripping away junior liens and MCA "receivable intercepts."• The difference between a "hope note" and a performing subordinated note.• The #1 red flag that tells a lender it’s time to stop the organic turnaround and start a transactional process.Read the full article by Adam Duso and Bob Dinozzi: "A Workout without the Mess: When is Article 9 restructuring the right path?" on ABFJournal.com.

Where is private credit headed in 2026? In this episode, ABF Journal Editor in Chief Rita Garwood sits down with Mitch Soiefer, partner and head of lender finance at SLR Capital Partners, to break down the biggest forces shaping the market right now.Mitch shares insight on:• The capital wave reshaping upper mid market cash flow lending• Why specialty finance verticals are gaining momentum• How SLR approaches monitoring, structure and discipline• What borrowers and sponsors need to understand as the cycle tightens• The themes that will matter most for lenders who want to outperformWhether you’re in private credit, specialty finance or adjacent markets, this conversation gives you a sharp, clear view of what’s happening and what’s next.Listen now and subscribe for more conversations with leaders across the commercial finance industry.