Keystone Conference – Titans Division
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🏆 2026 SEASON (CURRENT)
| Total Points | Deals Logged | Volume Drafted | Primary Asest Focus | Most Common Loan Term | Primary Loan Type | Top States | Pace Score | |
|---|---|---|---|---|---|---|---|---|
| Bank OZK | 113 | 7 | $85,100,000 | Condo (3), Multifamily, Industrial | Construction loan (5) | Construction (5) | Florida (2), Pennsylvania, New York, California | 0.33 |
| European Investment Bank | 85 | 4 | $925,520,000 | Industrial/Biorefinery, Shore Power Infrastructure, EV Charging Infrastructure, Wind Farm | 15 years (1) | Construction (2) | Italy, Netherlands, Estonia, Spain | 0.27 |
| Mitsubishi UFJ Financial Group (MUFG) - Commercial RE | 392 | 19 | $6,030,853,333 | Solar Energy (5), Battery Energy Storage (3), Data Center (2), Geothermal, Wind Farm, LNG Facility, HVDC Transmission | Non-recourse project financing (2) | Construction (7), Refinance (3), Commercial Real Estate (2), Construction and Term | Texas (3), Louisiana (3), Chile, Japan, Spain, India | 0.68 |
| Wells Fargo - Commercial RE | 721 | 32 | $9,943,313,154 | Office (7), Industrial (5), Multifamily (5), Mixed-Use (3), Hotel/Casino, Data Centers, Energy/LNG, Retail | 5-year fixed-rate (3); 2-year floating-rate (2), floating-rate (2), construction loan (2) | Refinance (10), CMBS for Refinance (8), Construction (4), Acquisition (3), Bridge for Refinance (2), CMBS for Acquisition, Credit Facility, Growth Capital, Expansion/Refinance | New York (15), Illinois (3), Florida (2), Texas (2), California (2) | 1.41 |
| Bank of Montreal (BMO) - CRE | 168 | 9 | $1,329,000,000 | Industrial (5), Multifamily (2), Data Centers, Retail | 2-year floating-rate (2); construction loan (1), fund-level revolving (1) | Acquisition (4), Refinance (3), Construction, Credit Facility | Georgia (3), Florida (2), Virginia, New Jersey, Nevada, Texas | 0.56 |
| Deutsche Bank - Commercial RE | 232 | 12 | $2,614,366,667 | Office (5), Multifamily, Energy/LNG Facility, Hotel, Life Sciences, Mixed-Use | 5-year fixed-rate (2); 2-year floating-rate (1), construction financing (1), CMBS conduit (1) | Refinance (5), Construction (2), CMBS Refinance (3) | New York (5), California, Colorado, Florida, Georgia, Ireland | 0.5 |
| First Citizens Bank - CRE | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| JP Morgan - Commercial RE | 466 | 22 | $7,075,349,206 | Office (6), Industrial (3), Multifamily (2), Mixed-Use (2), Energy/Geothermal (2), Retail (2) | 5-year, fixed-rate (2); 2-year floating-rate + extensions (2); 3-year floating-rate (2) | Refinance (6), CMBS for Refinance (5), Acquisition (4), Construction (3), Bridge for Refinance, Senior + Mezzanine Loan | New York (6), California (3), Texas (3), Massachusetts (2), Florida, Pennsylvania | 0.95 |
| Sumitomo Mitsui Banking Corporation (SMBC) - Commercial RE | 202 | 12 | $1,313,373,610 | Solar Energy (3), Energy/Geothermal (2), Data Center, Energy Storage/BESS, HVDC Transmission, Multifamily, Solar/Wind/BESS Hybrid | Non-recourse senior secured (2); Construction-to-term loan (2) | Commercial Real Estate (6), Construction (3), Refinance | Louisiana (2), Canada, India, Japan, New York, Philippines | 0.45 |
| BNP Paribas | 68 | 6 | $456,748,429 | Solar / Renewable Energy (4), Industrial, Retail/Mall | 2-year floating-rate + extensions (2) | Commercial Real Estate (3), Construction (2), CMBS for refinance | Spain (2), Chile (2), Italy, United Arab Emirates | 0.27 |
| Citigroup - Commercial RE | 324 | 17 | $3,346,167,916 | Industrial (4), Multifamily (3), Office (3), Hotel (3), Retail (2), Data Center (2) | Term2-year floating-rate (3), 5-year fixed-rate (2) | CMBS for refinance (5), Refinance (5), Acquisition (2), Construction, CMBS for acquisition | New York (4), Florida (4), Texas (2), Virginia, Georgia, Arizona | 0.73 |
| Morgan Stanley - Commercial RE | 323 | 14 | $4,553,109,333 | Office (4), Data Center (3), Industrial (2), Retail (2), Hotel (2), Self-Storage | 5-year fixed-rate (2), 2-year floating-rate (2) | CMBS for refinance (5), Refinance (5), CMBS for acquisition (2), Revolving Credit Facility, Construction | New York (3), Texas (2), Virginia (2), Massachusetts, California, Washington D.C. | 0.64 |
| Santander Bank - Commercial RE | 181 | 10 | $1,213,816,078 | Solar PV/BESS Hybrid (5), Energy Storage/BESS (2), Multifamily (2) | Construction-to-term (2) | Construction (5), Commercial Real Estate (4) | California, Connecticut, Florida, Idaho, Peru, Portugal | 0.41 |
| Truist Bank - Commercial RE | 91 | 5 | $414,300,000 | Multifamily (5) | Construction loan (1), Senior loan and preferred equity (1), Permanent loan (1) | Construction (2), Acquisition, Refinance, Permanent financing | New York (2), Maryland, Texas, Washington D.C., New Jersey | 0.23 |
| Bank of America - Commercial RE | 379 | 18 | $18,349,612,360 | Office (6), Data Center (3), Industrial (3), Energy (3), Multifamily (2), Retail/Mall | Fixed-rate 5-year (2), 2-year floating-rate (2) | Refinance (5), Construction (4), CMBS for refinance (4), Acquisition (3), CMBS for acquisition | New York (6), Louisiana (2), Virginia (2), Michigan, California, Florida | 0.82 |
| Goldman Sachs - Commercial RE | 509 | 25 | $5,196,649,000 | Office (7), Solar/Energy Storage (4), Retail (2), Data Center (2), Hotel (2), Multifamily (2) | 5-year fixed-rate (3); 2-year floating-rate (2) | Refinance (10), CMBS for refinance (6), Bridge (2), Construction (2), CMBS for acquisition, Revolving Credit Facility | New York (5), California (4), Virginia (3), Texas (3), Florida (3), Washington | 1.09 |
| ING Groep NV - Commercial RE | 232 | 12 | $2,197,435,333 | Solar Energy (5), Battery Energy Storage (3), Data Center, Office, Community Solar | Construction-to-term (1), 20-year PPA (1) | Construction (6), Commercial Real Estate (2), Refinance (2), Construction and Term | Louisiana (2), California, Idaho, Texas, Virginia, Philippines | 0.5 |
| KeyBank | 162 | 9 | $1,068,400,000 | Solar / Energy (4), Multifamily (2), Senior Living, Industrial Outdoor Storage | 35-year amortization (1), 7-year fixed (1), construction-to-term (1) | Construction (3), Refinance (3), HUD Refinance, Construction/Term Loan | Idaho (2), Texas (2), North Carolina, Colorado | 0.36 |
| Natixis - Commercial RE | 145 | 7 | $1,865,338,096 | Solar / Energy (4), Battery Energy Storage (2), LNG Facility, Retail, AI Infrastructure | Senior non-recourse (1), construction term loan (1) | Construction (3), Refinance, Growth Capital, Commercial Real Estate | Louisiana, Texas, California, New York, Chile, France | 0.32 |
| Barclays - Commercial RE | 231 | 14 | $1,951,030,000 | Energy/Geothermal (2), Office (2), Data Center, Energy/LNG, Self-Storage | 5-year, fixed-rate (2); Construction-to-term (2) | Refinance (4), Construction (2), Commercial Real Estate | California (2), Georgia, Illinois, Louisiana, Pennsylvania, Texas | 0.32 |
| ACORE Capital | 34 | 2 | $235,000,000 | Industrial, Multifamily | 2-year floating-rate; 3×1-year extensions | Refinance (2) | Washington, Multi-State (15 states) | 0.11 |
| Affinius Capital | 201 | 12 | $1,365,328,000 | Multifamily (6), Office (2), Industrial, Development Site, Student Housing (United Kingdom), Mixed-Use | Floating-rate; matures 2029; two 1-year extension options (1); Senior loan; back leverage provided by Standard Chartered (1) | Refinance (8), Acquisition (2), Construction (2) | New York (5), Florida (2), Pennsylvania (2), Georgia, California, United Kingdom | 0.55 |
| Barings | 142 | 7 | $1,528,450,000 | Mixed-Use (3), Office (2), Hotel, Industrial | Construction financing (1) | Refinance (4), Construction (3) | New York (3), California, Illinois, Tennessee, Utah | 0.32 |
| Brookfield | 37 | 2 | $369,000,000 | Multifamily (2) | Three-year bridge (only stated term) | Refinance, Bridge | New York (2) | 0.11 |
| S3 Capital | 100 | 6 | $576,750,000 | Mixed-Use (3), Multifamily, Student Housing | TBD | Construction (3), Refinance, Construction/Acquisition | Florida, New York, New Jersey, South Carolina, Texas | 0.21 |
| Berkadia | 27 | 2 | $110,942,000 | Multifamily (2) | Freddie Mac | Acquisition (2) | Virginia, Wisconsin | 0.5 |
| Dwight Capital/Dwight Mortgage Trust | 216 | 16 | $1,037,000,000 | Multifamily (13), Mixed-Use (2) | HUD 221(d)(4) (2), 35-year fully amortizing fixed-rate (1), 5-year interest-only (1), HUD 241(a) (1), HUD 223(f) (1 | Refinance (6), Construction (5), Bridge for refinance (4) | New York (4), Florida (4), New Jersey (2), Texas (2), Utah, California | 0.68 |
| Greystone | 100 | 7 | $496,249,222 | Multifamily (4), Affordable Housing (2), Senior Housing | 24-month bridge with extension options (2), | Bridge for Refinance (2), Refinance (2), Acquisition, Construction/Rehabilitation (2) | Illinois (2), North Carolina (2), New York, Mississippi, Florida | 0.3 |
| Madison Realty Capital | 150 | 9 | $907,150,000 | Condominium (3), Multifamily (3), Hotel (2), Self-Storage | Closed Dec 19, 2025, completion late 2027 (1); Construction loan, expected completion 2028 (1) | Construction (5), Refinance (2), Acquisition (1), Condominium Inventory Loan | New York (2), New Jersey (2), Florida (2), Virginia, California, Tennessee | 0.41 |
| Nuveen | 220 | 15 | $1,274,045,000 | Hotel (5), Multifamily (4), Office/Lab (2), Retail (1), Life Sciences | 30 years (3), 5-year floating-rate (1), C-PACE financing including $30M for future tenants (1 | C-PACE for Construction (5), Construction (3), Refinance (3), Acquisition, Full stack capitalization | Texas (2), Pennsylvania (2), Nevada (2), New York (2), Arizona, Florida | 0.59 |
| Blackstone - Commercial RE | 262 | 11 | $10,494,670,000 | Industrial (3), Multifamily (3), Office (2), Data Center, AI Infrastructure | 3-year bridge (1), 5-year fixed-rate (1) | Refinance (6), Bridge for refinance (2), Acquisition/Construction | New York (2), Florida (2), Texas (2), Australia, Colorado, Washington | 0.45 |
| Corebridge | 25 | 2 | $115,000,000 | Self Storage, Multifamily | 5 years (2) | Acquisition, Refinance | Multiple, New York | 0.11 |
| MonticelloAM | 160 | 10 | $1,077,800,000 | Skilled Nursing Facility (7), Senior Housing (2), Multifamily | 36-month initial term (3), 30-month initial term (1), 24-month term (1) | Bridge for Acquisition (6), Bridge for Refinance (3), Bridge Acquisition | Illinois (2), Florida (2), Washington (2), Maryland, New York, Pennsylvania | 0.45 |
| Peachtree Group | 180 | 15 | $552,260,000 | Hotel (9), Multifamily (2), Industrial, Senior Housing, Retail | 3-year bridge with two 12-month extension options (3), 3-year floating-rate EB-5 (1), C-PACE 30-year (1) | Bridge for refinance (4), Construction (4), C-PACE for Construction (3), Bridge (2), C-PACE | Florida (2), Texas (3), North Carolina (2), Georgia (2), Utah, Ohio | 0.64 |
| Tyko Capital | 88 | 3 | $770,000,000 | Condominium (2) | Construction loan, completion Q4 2028 (1) | Construction (2) | Florida (2) | 0.11 |
| Apollo Global Management | 187 | 7 | $3,454,800,000 | Mixed-Use/Conversion (2), Industrial (2), Hotel | Multi-year (1), 36-month SOFR floating (1) | Construction (3), Acquisition (2), Refinance (2) | New York (3), Florida, North Carolina, Germany (2), United Kingdom, Netherlands, Spain | 0.39 |
| Ares Real Estate Management | 182 | 8 | $2,198,817,000 | Industrial (2+), Multifamily (2), Mixed-Use (2) | Fixed-rate long-tenor (1), Through 2031 (1) | Acquisition (4), Refinance, Construction, C-PACE, Growth Financing | Florida (2), New York (2), Illinois, California, Washington D.C., United Kingdom | 0.44 |
| New York Life | 80 | 5 | $432,517,000 | Multifamily (3), Office, Retail | Construction loan, 5-year interest-only, 3-year, floating-rate | Refinance (3), Construction, Acquisition | New York (2), Washington, Texas, California, Illinois | 0.21 |
| PGIM Real Estate | 180 | 9 | $3,694,925,000 | Industrial (4), Data Center, Multifamily (2) | 3-year with extensions (1), 7-year fixed (1), Floating-rate (1) | Acquisition (4), Refinance (4), Revolving Credit Facility | California (2), Texas (2), Illinois, Massachusetts, Florida, Germany | 0.39 |
| Starwood Property Trust | 34 | 2 | $202,000,000 | Multifamily, Industrial | TBD | Refinance, Acquisition | Illinois, Tennessee | 0.11 |
| Deutsche Bank - Growth Cap | 101 | 5 | $3,015,000,000 | TBD | Revolving credit facility | Acquisition, Working Capital | Spain, Switzerland | 0.5 |
| HSBC | 120 | 6 | $1,191,279,762 | TBD | Revolving/RCF (2) | Growth Capital (2), First Lien Term Loan, Corporate Debt Facility, Warehouse Facility | New York, New Jersey, California, Spain, Switzerland | 0.23 |
| JP Morgan - Growth Cap | 508 | 25 | $12,866,892,690 | TBD | 5-year (2), 2-year with extension options (2) | Revolving Credit Facility (5), Growth Capital (2), Credit Facility (2), Loan (2), Unsecured Term Loan, Acquisition Credit Facility, others | Texas (4), New York (3), Illinois (3), California (2), Japan, Louisiana | 0.82 |
| Natixis - Growth Cap | 138 | 7 | $1,060,061,398 | TBD | 5-year, 3-year, 12-year, long-term PPA (all distinct; no modal) | Growth Capital (3), Term Loan B, Syndicated Letter of Credit Facility, Construction Warehouse Revolving Credit Facility, Commercial Real Estate | Spain (2), Nevada, Virginia, France, Massachusetts, Texas | 0.32 |
| PNC Bank | 206 | 12 | $1,800,010,822 | TBD | 5-year (4) | Revolving Credit Facility (3), Unsecured Term Loan (3), Unsecured Credit Facility – Revolver + Term Loans (2), Syndicated Credit Facility, Senior Secured Credit Facility, Construction Warehouse Revolving Credit Facility | Illinois (3), Connecticut, Ohio, Virginia, Indiana, Texas | 0.55 |
| Bank of America - Growth Cap | 279 | 13 | $5,123,868,881 | TBD | 5-year (4) | Revolving Credit Facility (4), Bridge Loan, Syndicated Term Loan, Syndicated Credit Facility, Growth Capital, Construction Warehouse Revolving Credit Facility | California (3), Texas (2), Ohio, Virginia, Illinois, Canada | 0.45 |
| Barclays - Growth Cap | 131 | 6 | $2,027,182,540 | TBD | Term Loan B, 5-year, 7-year (all distinct; no modal) | Term Loan B, Term Loan, Revolving Credit Facility, Senior Secured Green Revolving Loan and LC Facility, Growth Capital, Senior Secured Corporate Credit Facility (all distinct) | Texas (2), Virginia, California, Spain, Pennsylvania | 0.37 |
| Goldman Sachs - Growth Cap | 227 | 10 | $8,927,204,762 | TBD | Bridge loan (1-year), 5-year, Term Loan B (all distinct; no modal) | Growth Capital (3), Term Loan B, Revolving Credit Facility | Virginia, New York, Japan, Italy, Spain | 0.23 |
| Santander Bank - Growth Cap | 113 | 6 | $1,006,704,762 | TBD | 5-year | Growth Capital (3), Revolving Credit Facility, Senior Secured Corporate Credit Facility | Spain (2), New York, Chile, Pennsylvania | 0.23 |
| Sumitomo Mitsui Banking Corporation (SMBC) - GC | 108 | 5 | $8,439,533,333 | TBD | 3-year (2) | Growth Capital (3), Revolving Credit Facility, Senior Secured Green Revolving Loan and LC Facility | New York, Japan, Sweden, Texas, Denmark | 0.23 |
| Citigroup - Growth Cap | 253 | 11 | $808,267,583 | TBD | Maturity January 2030 (1) | Growth Capital (4) | India, France, Spain, Canada | 0.18 |
| Huntington Bank - Growth Cap | 110 | 8 | $407,619,047 | TBD | 5-year (2) | Unsecured Credit Facility – Revolver + Term Loans (2), Unsecured Term Loan, Senior Credit Facility, Revolving Credit Facility, Five-Year Unsecured Term Loan, Commercial Aircraft Engine Acquisition Facility | Connecticut, Texas, Colorado, California, Florida, Washington | 0.32 |
| Morgan Stanley - Growth Cap | 197 | 7 | 0 | TBD | TBD | TBD | TBD | 0 |
| Mitsubishi UFJ Financial Group (MUFJ) - Growth Cap | 212 | 10 | $8,661,571,429 | TBD | 3-year (1); Bridge loan 1-year (1); 5-year leveraged loan (1) | Growth Capital (4) | India, Japan, France, Massachusetts | 0.18 |
| Truist Bank - Growth Cap | 91 | 5 | $381,250,000 | TBD | 2 years with three 1-year extension options, 4 years revolving credit facility with two six-month extension options (Pricing grid based on leverage ratio plus SOFR, 10-15 bps lower than prior debt) | Securitization / Warehouse & Mezzanine Refinancing; Growth Capital (Equity and Debt); Unsecured Credit Facility; Acquisition Credit Facility | Michigan, California, Florida, New Jersey | 0.18 |
| Bank of Montreal (BMO)-Growth Cap | 76 | 4 | $649,096,154 | TBD | Due May 2031; 2 years with extension options; Maturity January 2030; Softwood Lumber Program term | Revolving Credit Facility (2); Growth Capital / Syndicated Credit Facility; Growth Capital / Term Loan (Softwood Lumber) | Canada (2), Missouri, Illinois | 0.18 |
| Canadian Imperial Bank of Commerce (CIBC) | 101 | 8 | $260,796,154 | TBD | 4-year loan (secured to unsecured), Three-year construction warehouse revolving credit facility with $500M accordion, Initial 3-year term with consecutive 1-year extension (prime rate + .75%) | Acquisition, Construction Warehouse Revolving Credit Facility, Growth Capital | Canada (3), Belgium | 0.18 |
| ING Groep NV - Growth Cap | 80 | 5 | $185,540,000 | TBD | 95% covered buyer credit guarantee (1) | Growth Capital | France | 0.05 |
| Royal Bank of Canada | 104 | 7 | $442,667,583 | TBD | 5-year (1); 2-year with extensions (1); Softwood Lumber bilateral (1); Maturity 2030 (1); SOFR + 85 bps (1) | Growth Capital (3); Senior Secured Credit Facilities; Growth Capital / Asset-Based Loan | Canada (3), Louisiana, Illinois | 0.23 |
| Wells Fargo-Growth Cap | 261 | 13 | $4,475,773,644 | TBD | SOFR + 85 bps / interest-only (2); 5-year revolving (2) | Revolving Credit Facility (5); Unsecured Term Loan (3); Term Loan B (1); Syndicated Credit Facility (1); Senior Credit Facility (1) | Illinois (3), California (2), Canada, Virginia, Louisiana, New York, Ohio, Indiana | 0.55 |
| Regions Bank - Growth Cap | 116 | 7 | $539,475,108 | TBD | The loan terms typically range from 2 to 5 years for initial maturity, frequently featuring one or more extension options (e.g., 6-month or 1-year extensions) and often priced using SOFR plus a spread. | The mix is predominantly composed of Unsecured Term Loans and various Credit Facilities (including syndicated, revolving, and construction warehouse facilities). | Illinois (3), Texas (2), Florida, New York, Washington | 0.35 |
| KeyBank - Growth Cap | 139 | 8 | $2,429,713,203 | TBD | TBD | Revolving Credit Facility (2), Unsecured Credit Facility Revolver + Term Loans (2), Acquisition Credit Facility, Five-Year Unsecured Term Loan | New York, New Jersey, Ohio, California, Florida, Washington | 0.26 |
| U.S. Bank - Growth Cap | 227 | 10 | $1,441,915,585 | TBD | 5 years (2) | Revolving Credit Facility (3), Unsecured Term Loan (2), Unsecured Credit Facility Revolver + Term Loans (2), Construction Warehouse Revolving Credit Facility, Term Loan Credit Agreement, Five-Year Unsecured Term Loan | Illinois (2), California (2), Missouri, Ohio, Wisconsin, Texas, New York, Washington | 0.43 |
| BBVA | 125 | 4 | $1,031,858,974 | TBD | TBD | Growth Capital (4) | China (2), Spain (2) | 0.17 |
| Blue Owl Capital | 133 | 6 | $2,050,000,000 | TBD | SOFR+5.00% or Base Rate+4.00%, matures Apr 2031 (1); 5.5% over SOFR (1) | Senior Secured Credit Facility (2), Term Loan and Revolving Credit Facility, Credit Facility (Warehouse/Renewal), Delayed-Draw Term Loan | Texas, Massachusetts, California, Germany | 0.18 |
| Comvest Partners | 19 | 1 | $130,000,000 | TBD | TBD | Senior Secured Credit Facility | California | 0.04 |
| MidCap Financial-Growth Cap | 75 | 7 | $21,500,000 | TBD | Revolver with accordion feature; term loan; delayed draw term loan (1 | Senior Secured Credit Facility (5), Growth Capital (1) | California (2), New York, Kentucky, Maryland, Canada | 0.27 |
| Mountain Ridge Capital | 8 | 1 | $15,000,000 | TBD | Revolving facility maximizing availability against working capital assets | Senior Secured Credit Facility | Midwest | 0.04 |
| SLR Credit Solutions | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| Blackstone - Growth Cap | 84 | 3 | $1,600,000,000 | TBD | Four-year funding spread, milestone payments upon FDA approval (1) | Growth Capital (2), Senior Secured Credit Facility | Texas, Israel, India | 0.14 |
| Hercules Capital | 12 | 1 | $25,000,000 | TBD | 4-year loan with three tranches up to $75M milestone-based, final $25M at Hercules discretion | Growth Capital | California | 0.04 |
| Monroe Capital | 181 | 16 | $52,500,000 | TBD | TermPrime plus 3.75%, 60-month term (1); Senior credit facility (1); Delayed draw facility (1) | Senior Credit Facility (10), Senior Secured Credit Facility (2), Delayed Draw Senior Credit Facility, Debt Financing + Equity Co-Investment, Senior Secured Term Loan | California (4), Illinois (2), Michigan (2), Florida (2), Texas, Georgia | 0.73 |
| SG Credit Partners | 28 | 3 | 0 | TBD | TBD | Senior Debt Facility, Senior Debt Investment (2) | New York (2), Colorado | 0.14 |
| Stellus Capital Management | 24 | 3 | Undisclosed | TBD | TBD | Unitranche Senior Debt Facility (with Equity Co-Investment), Senior Debt Financing + Equity Co-Investment (2) | Arizona, Tennessee, Virginia | 0.14 |
| HPS Investment Partners | 29 | 1 | $500,000,000 | TBD | Four-year secured term loan, SOFR + 675 basis points | Secured Term Loan | New York | 0.04 |
| NXT Capital | 60 | 5 | Undisclosed | TBD | TBD | Senior Secured Credit Facility (2), Senior Credit Facility (2) | Pennsylvania (2), Ohio, Michigan | 0.18 |
| Siena Lending Group - GC | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| Trinity Capital | 121 | 10 | $338,915,000 | Small business receivables / consumer and SMB loan collateral (1) | Commitment structure | Growth Capital (5), Senior Secured Credit Facility (2), Equipment Financing, Growth Capital Debt Facility, Debt Term Loan, Warehouse Credit Facility | California (5), Arizona, Utah, New York, United Kingdom (2) | 0.5 |
| Wingspire Capital | 72 | 6 | $180,000,000 | TBD | N/A | Senior Secured Revolving Credit Facility (2), Revolving Credit Facility (2), Senior Secured Credit Facility, Commitment | Pennsylvania, Wisconsin, Georgia, Florida | 0.27 |
| Ares Management - Growth Cap | 108 | 5 | $4,300,000,000 | TBD | TBD | Debt Facility (2), Acquisition Financing, Equity and Debt Capital, Debt Financing | Colorado, California, New Jersey, North Carolina, Pennsylvania | 0.23 |
| Encina Private Credit | 62 | 5 | $118,750,000 | Enterprise value / first-out commitment (1) | Senior credit facility secured by diversified pool of small balance lease-to-own contracts | Senior Secured Credit Facility (3), First Out Term Loan | Georgia | 0.18 |
| Great Rock Capital - GC | 12 | 1 | $30,000,000 | TBD | TBD | Senior Secured Revolving Credit Facility | Pennsylvania (2) | 0.04 |
| KKR | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| Whitehawk Capital Partners | 26 | 1 | 0 | TBD | TBD | TBD | TBD | 0 |
| Bain Capital | 53 | 4 | $286,548,840 | TBD | TBD | Senior Credit Facility (2), Growth Capital, Senior Secured Credit Facility | Massachusetts, Georgia, Nebraska, Germany | 0.17 |
| Fortress | 86 | 4 | $762,000,000 | TBD | TBD | Senior Secured Credit Facility (2), First-Lien Term Loan, Senior Secured Term Loan | New Jersey, Tennessee, Kansas, California | 0.17 |
| Advantage Business Capital | 8 | 1 | $1,000,000 | Invoices | TBD | Invoice Factoring Facility | TBD | 0.04 |
| First Citizens Bank - ABL | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| Gibraltar Business Capital | 8 | 1 | $20,000,000 | TBD | TBD | Senior Secured Facility | TBD | 0.04 |
| nFusion Capital | 80 | 10 | $55,600,000 | Accounts Receivable (7), Inventory (2), Accounts Receivable and Inventory (1) | TBD | Asset-Based Lending Facility (5), Factoring Facility (4), Factoring Line | California (3), Texas (2), Colorado, Michigan, Arizona, Florida, Georgia | 0.45 |
| Culain Capital | 24 | 3 | $7,500,000 | Accounts Receivable (3), Inventory | TBD | Accounts Receivable Factoring Facility (2), Accounts Receivable & Inventory Financing Facility | New York (2), California | 0.14 |
| First Business Bank | 84 | 10 | $42,800,000 | Accounts Receivable (6), Inventory (3), Real Estate (2), Vehicle Inventory | Factoring Facility (3), Asset-Based Revolving Credit Facility (2), Credit Facility (2), Working Capital Line of Credit, Inventory Floorplan Line of Credit | Wisconsin (2), Texas (2), Minnesota, New Jersey, Virginia, Hawaii, Pennsylvania | 0.41 | |
| Great Rock Capital - ABL | 46 | 3 | $208,750,000 | Accounts Receivable (3), Machinery & Equipment (2) | TBD | Senior Secured Revolving Credit Facility (2), Senior Secured Revolver | Pennsylvania | 0.14 |
| Rosenthal Capital Group | 100 | 12 | $23,750,000 | Accounts Receivable (7), Inventory (4), Purchase Orders (2) | TBD | ABL Facility (3), Recourse Factoring Facility (2), Purchase Order Financing (2), Revolving Credit Facility, Working Capital Facility, Facility Increase | California (3), Idaho, Michigan | 0.41 |
| Ares Commercial Finance | 12 | 1 | $175,000,000 | Accounts receivable; Machinery & equipment | TBD | Senior Secured Revolving Credit Facility | TBD | 0.16 |
| Sallyport Commercial Finance | 54 | 7 | $16,150,000 | Accounts Receivable (5), Inventory (2) | TBD | Accounts Receivable Financing Facility (3), Non-Notification Factoring Facility (2), Inventory Finance Facility, A/R and Inventory Facility | Canada (3), Texas | 0.32 |
| SLR Healthcare ABL | 16 | 2 | $10,000,000 | TBD | TBD | Asset-Based Revolving Line of Credit (2) | Northeast | 0.09 |
| Utica Equipment Finance | 16 | 2 | $18,000,000 | Heavy Equipment (2) | Capital lease (2) | Capital lease (2) | Mid-Atlantic | 0.09 |
| Amerisource Business Capital | 64 | 8 | $30,500,000 | Accounts Receivable (6), Inventory (4), Equipment (3), Real Estate | TBD | ABL Facility (3), A/R Only Facility, Asset-Based Lending Facility, Credit Facility Increase, Ledgered Asset-Based Line of Credit, A/R Ledgered ABL, Revolving Credit Facility with Equity, Working Capital Facility | Texas (2), Midwest (2), Southeast (2) | 0.36 |
| King Trade Capital | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| MidCap Business Credit | 32 | 4 | $46,000,000 | Accounts Receivable (3), Inventory (3), Machinery & Equipment (3), Real Estate | TBD | Asset-Based Credit Facility (2), Working Capital Revolver (2), Working Capital Revolver + Machinery and Equipment Term Loan | Texas | 0.18 |
| White Oak Commercial Finance | 54 | 4 | $107,500,000 | Accounts Receivable (3), Mining Services Assets, Various | TBD | Senior Secured ABL Facility, Revolving Credit Facility, ABL Revolver Facility | Arizona, Texas | 0.14 |
| Loeb Equipment | 16 | 2 | $1,200,000 | Equipment | TBD | Equipment-Based Loan | Wisconsin, Illinois | 0.04 |
| Prestige Capital | 8 | 1 | $3,000,000 | Invoices; Accounts Receivable | TBD | Invoice Financing Facility | California | 0.04 |
| JPalmer Collective | 56 | 7 | $26,000,000 | Accounts Receivable (4), Inventory (4) | TBD | Line of Credit (3), Working Capital Facility (2), Asset-Based Line of Credit, Asset-Based Loan, Debt Facility | New York (2), Oregon (2), California, Georgia, Massachusetts | 0.32 |
| Eldridge Capital Management | 69 | 3 | $925,000,000 | Power generation equipment (3) | TBD | Lease Facility (2), Equipment Financing Facility | Texas (3) | 0.13 |
| Haversine Funding | 56 | 7 | $38,100,000 | Transportation Receivables / Factoring Portfolio (3), Accounts Receivable (2), Loan Portfolio / Working Capital Assets, Accounts Receivable (Optical Networking Hardware) | TBD | Lender Finance - Subordinated Debt Increase (2), Lender Finance - Senior Secured Revolving Credit Facility Increase, Lender Finance - ABL Participation, Lender Finance - Senior Facility Increase, Lender Finance - A/R Participation, Lender Finance - Factoring Participation | Texas (7) | 0.3 |
| Austin Financial Services | 8 | 1 | $10,000,000 | TBD | TBD | Accounts Receivable Revolver | TBD | 0.2 |
| eCapital | 100 | 12 | $107,250,000 | Healthcare Accounts Receivable (7), Accounts Receivable (4), Freight Receivables (2), Inventory | ABL facility with advances against accounts receivable and inventory; flexible facility with higher advance rates (1); others undisclosed | Healthcare Receivables Financing Facility (5), A/R Financing Facility (3), Healthcare Financing Facility, Asset-Based Lending Facility, Asset-based Loan-Freight Factoring Facility, Freight Factoring Facility | California (2), Canada (Ontario), Massachusetts, Midwest | 1 |
| Porter Capital | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| Siena Lending Group - ABL | 46 | 3 | $185,000,000 | Accounts Receivable (2), Inventory (2), Current and Fixed Assets | TBD | Revolving Credit Facility, Senior Secured ABL Credit Facility | California, New Jersey | 0.09 |
| Gateway Trade Funding | 15 | 2 | $1,700,000 | Inventory (2), Purchase Orders | Letter of credit-backed (1) | Purchase Order Facility (2) | TBD | 0.33 |
| Republic Business Credit | 55 | 7 | $23,000,000 | Accounts Receivable (5), Inventory (2) | Accordion up to $6M with $2M inventory option after 6 months (1), Ledgered line of credit (1), Includes $10M accordion feature (1), Factoring facility (1) | Factoring Facility (4), Asset-Based Loan (2), Ledgered Line of Credit | California (2), Texas, Southwest | 0.32 |
| SLR Business Credit | 24 | 3 | $20,000,000 | Accounts Receivable (3), Inventory (2) | TBD | Senior Secured Asset-Based Revolving Credit Facility, Senior Secured Invoice Financing Credit Facility, Revolving Line of Credit | New Jersey | 0.14 |
| TAB Bank | 8 | 1 | $2,500,000 | Inventory | TBD | Asset-Based Lending Facility | Utah | 0.04 |
| Alpine Ridge Funding | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| Celtic Capital | 53 | 7 | $7,270,700 | Accounts Receivable (5), Equipment (3), Inventory | $500K AR Line + $304.5K Equipment Loan (1); AR Line and Equipment Loan terms undisclosed (1) | Accounts Receivable Line of Credit (4), Asset-Based Financing Package, Accounts Receivable Line of Credit and Inventory Line of Credit | California (3), Pacific (2), Midwest, South-Central | 0.27 |
| Clarus Capital | 8 | 1 | $10,000,000 | Essential use assets (medical transportation vehicles) | Loan facility for sponsor-backed company | Loan Facility | TBD | 0.25 |
| Gordon Brothers | 19 | 1 | $175,000,000 | Various assets; Real Estate | Unitranche asset-based lending revolver with RILO tranche | Unitranche ABL Revolver with RILO | TBD | 0.04 |
| Assembled Brands | 32 | 4 | 0 | Accounts Receivable (3), Inventory (3) | Dynamic accordion-style facility with high advance rates (1), Scalable accordion feature; no lockboxes; no personal guarantees (1 | Asset-Based Credit Facility, Senior Asset-Based Line of Credit, Revolving Working Capital Facility, Accordion-Style Asset-Based Facility | Delaware, California, Illinois, New Mexico | 0.18 |
| MidCap Financial-ABL | 38 | 3 | $95,000,000 | TBD | Senior secured credit facility (2) | Senior Secured Credit Facility (2), Asset-Based Loan, Growth Capital | New York, Canada (Toronto) (2) | 0.14 |
| Southstar Capital | 226 | 30 | $42,150,000 | Accounts Receivable (23), Purchase Orders (6), Inventory (4), Equipment (3) | Loan TermAccounts receivable financing facility; advances against eligible invoices including progress-billed contracts with retainage (1) | Accounts Receivable Financing Facility (13), Invoice Factoring Facility (5), A/R Financing Facility (3), Purchase Order and A/R Financing Facility (3), A/R and Inventory Financing Facility (2), Factoring Facility (2), A/R Line of Credit | Texas (4), Florida (3), North Carolina (3), South Carolina (3), Indiana, Midwest | 1.32 |
| Wintrust Equipment Finance | 0 | 0 | 0 | TBD | TBD | TBD | TBD | 0 |
| The Hedaya Capital Group | 48 | 6 | $22,000,000 | Accounts Receivable (6) | Factoring facility with non-notification basis (1) | Factoring Facility (6) | New York (2), Florida, California, New Jersey, Texas | 0.27 |
| Sigma Funding | 24 | 3 | $2,600,000 | Accounts Receivable (3) | $2,000,000 per month ongoing (1), Per month ongoing (1) | Monthly Factoring / Accounts Receivable Funding Program, Accounts Receivable Financing Facility, Accounts Receivable Funding Facility | Florida (2), California | 0.14 |
| Capteris | 44 | 4 | $94,000,000 | Equipment (3) | TBD | Lease Commitment (2), Equipment Finance Loan, Co-Investment | TBD | 0.18 |
| Baker Garrington | 86 | 11 | $15,000,000 | Accounts Receivable (11) | TBD | Factoring Facility (11) | Texas (4), North Dakota (3), Colorado, Oklahoma, Pennsylvania, Louisiana | 0.5 |
| Crestline Investors | 60 | 3 | $412,500,000 | Portfolio of fund/infrastructure/credit assets (3) | TBD | NAV Loan (3) | TBD | 0.13 |
| JD Factors | 74 | 10 | $8,850,000 | Accounts Receivable (10) | TBD | Factoring Facility (10) | Illinois (2), Quebec (2), British Columbia, Indiana, Washington, Arizona, Tennessee, Texas | 0.43 |
Advantage Business Capital-Performance Profile & Deal Activity Analysis
- Headquarters: Houston, Texas
- Founded: 1978
- Ownership: Bank Subsidiary (Wholly owned by Central Bank)
- Primary Focus: Factoring & Asset-Based Lending (ABL)
- Typical Deal Size: ~$5.6 Million (Range: $1M – $15M)
2025 PERFORMANCE SUMMARY
Advantage Business Capital finished the 2025 Lender Draft season with a 1-1-10 record, demonstrating minimal market activity and sporadic funding based on competitive win rates. Despite the low “win” metric, the high number of draws (10) combined with their verified deal log suggests a strategy heavily reliant on club deals, participations, or uncontested renewals rather than aggressive competitive bidding.
SECTION 3: DEAL FLOW ANALYSIS
A forensic review of the verified deal history reveals a lender deeply entrenched in the Texas industrial economy, with a portfolio constructed to weather cyclical commodity risks.
- Deal Size Range: $1.0 Million to $15.0 Million.
- Geographic Focus: 100% Texas (Houston explicitly cited; others statewide).
- Industry Patterns: Heavy concentration in Energy (both Renewable Services and Upstream Oil & Gas) and Manufacturing (Food, Beverage, Concentrates).
- Loan Structures: Evolution from Factoring Facilities (5 deals) to Working Capital Revolvers (2 deals) and ABL Credit Facilities (1 deal).
- Deal Purposes: Split between “Support growth/expansion” and “Pay off current lender/Refinancing.”
- Transaction Velocity: Activity is clustered. Three deals closed in April, followed by a four-month gap, then a surge of four deals in August/September.
IDEAL BORROWER PROFILE
The ideal borrower for Advantage Business Capital, based on verified 2025 activity, is a Texas-based industrial or service company navigating a capital transition.
FOR BORROWERS
- Refi vs. Growth Timing: Advantage prefers “Refinancing” requests in Q2 (April) and “Growth Capital” requests in Q3 (Aug/Sept). Aligning your “Use of Funds” narrative with this cycle could impact reception.
- Energy Agnosticism: They are one of the few lenders actively funding both renewable energy and upstream oil & gas simultaneously. You do not need to “greenwash” your oil services business; they understand the legacy sector.
- Action: If you are a Texas-based manufacturer, explicitly highlight your “facility expansion” plans. Their data shows a preference for hard-asset expansion (factories/production) over vague “working capital” requests in the manufacturing sector.
- Timing: Submit your application in early March or early August. Their closing clusters in April and September suggest these are the tail-ends of their underwriting sprints; getting in 30-45 days prior ensures you ride the approval wave.
FOR BROKERS
- The “Dirty” Specialist: They funded “Upstream Oil and Gas” and “Concentrates Manufacturers.” Use them for clients with environmental or volatility “hair” that scares off standard ABLs.
- Texas Exclusivity: Do not send them deals outside of Texas. The verified data shows 0% out-of-state activity. It is an immediate decline.
- Action: For deals under $5M, position Advantage as a “Bank ABL” alternative. Emphasize their parent company (Central Bank) to CFOs who are allergic to “high-rate finance companies,” even though the structure is effectively factoring.
- Strategy: “Package Energy Service deals (Renewable or Oil) specifically for their September allocation window. Their history shows a distinct appetite for energy service receivables in Q3, likely to match their bank’s reserve allocations.
FOR RIVAL LENDERS
- Slow Deployment Cycles: The 4-month gap between April and August suggests they may have bandwidth issues or strict capital deployment quarters. This is a vulnerability you can exploit with speed.
- Action: When competing for Texas-based manufacturers, attack their “Factoring” legacy. If Advantage Business Capital offers a $3M factoring facility, counter with a $3M ABL revolver. Clients prefer the revolver stigma over factoring; use structure to beat their product.
- Defense: “Target their renewable energy clients in Q1. Advantage loads up on them in Q3; by Q1, those clients may be looking for cheaper capital or feeling ignored during Advantage’s ‘quiet period’ (May-July).”
FOR ANALYSTS & FUNDS
- Sector Signaling: The shift to “Renewable Energy Services” in their portfolio suggests that even Texas oil-patch lenders are being forced to diversify assets to meet ESG requirements or bank charter mandates.
- Observation: Monitor their “Loan Type” mix in 2026. If they move further toward “ABL Credit Facilities” and away from “Invoice Factoring,” it signals a risk-on approach from their parent bank, Central Bank.
- Strategy: “Short the ‘Texas-only’ lending thesis if energy prices stabilize. Advantage’s model works because they know the local volatility. If volatility drops, national lenders will invade Texas with cheaper capital, squeezing regional specialists like Advantage.”