TLD Intelligence Brief | Edition 24
Top CRE Deals
1. Cypress Creek closes $3.5 billion for one of the largest solar-plus-storage builds in the country | $3.5B | Mississippi County, AR Cypress Creek Energy closed $3.5 billion in construction financing for the first two phases of the Steel River Energy Center, fully underwritten by Barclays, BNP Paribas, Santander, and Wells Fargo as coordinating lead arrangers.
Source: https://www.power-technology.com/news/cypress-creek-3-5bn-steel-river/
2. Blue Owl backs a $975 million data center recap in Northern Virginia | $975M | Gainesville, VA Blue Owl Capital provided $975 million to recapitalize Project Helios, a fully leased data center in the Gainesville Crossing campus, with Newmark arranging the deal for borrowers Affinius Capital and Corscale Data Centers.
Source: https://www.commercialsearch.com/news/affinius-corscale-jv-lands-975m-refi-for-nova-data-center/
3. Stockbridge lands a $700 million refi on a San Mateo office portfolio | $700M | San Mateo, CA Stockbridge Capital secured a $700 million floating-rate refinancing from JPMorgan Chase, German American Capital, and Wells Fargo for a five-property, one million square foot Bay Meadows office campus anchored by Roblox.
Source: https://www.commercialsearch.com/news/stockbridge-lands-700m-for-bay-area-office-portfolio/
4. Catalyst Investment Partners pulls $281 million for a 77-property IOS portfolio | $281M | Multi-state (NJ, FL, DC, SC, NC) Blackstone Real Estate Debt Strategies and J.P. Morgan Asset Management financed Catalyst IOS Fund II’s industrial outdoor storage portfolio, marking J.P. Morgan’s first loan secured solely by an IOS portfolio.
Source: https://www.businesswire.com/news/home/20260608425291/en/Catalyst-Investment-Partners-Secures-$281-Million-Financing-for-Industrial-Outdoor-Storage-Portfolio
5. Alterra IOS secures a $244 million note from Blackstone for ongoing acquisitions | $244M | Multi-state (FL, GA, IN, MD, NC, VA) Blackstone Real Estate Debt Strategies provided Alterra IOS a $244 million note structured around an equity pledge framework, marking BREDS’ sixth industrial outdoor storage transaction.
Source: https://commercialobserver.com/2026/06/alterra-ios-244m-blackstone-acquisition/
6. EQT Real Estate secures $296 million for a 20-property industrial portfolio spanning New Jersey and South Florida | $296M | Southern New Jersey & South Florida Wells Fargo provided a five-year floating-rate loan for EQT Real Estate’s acquisition of a 2.4 million square foot, 93% leased industrial portfolio, with CBRE arranging the debt.
Source: https://commercialobserver.com/2026/06/wells-fargo-industrial-portfolio-florida-new-jersey/
7. Northwind originates $180 million for 601W’s discount buy of a 1.4 million-square-foot DTLA tower | $180M | Los Angeles, CA Northwind Group provided a $132 million first-mortgage acquisition loan plus a $48 million good-news facility for 601W Companies’ purchase of 333 South Grand Avenue, a Class A office tower acquired at a steep discount to historical pricing.
Source: https://commercialobserver.com/2026/06/601w-brookfield-la-office-wells-fargo-tower/
8. Integritas Capital and Kriss Capital fund a $220 million tower in Jersey City’s Journal Square | $220M | Jersey City, NJ Stephen Palmese’s Integritas Capital and Jody Kriss’ Kriss Capital are providing $220 million in construction financing for Imperial Tower, a 56-story, 827,000-square-foot mixed-use residential and hospitality development next to the Journal Square PATH station.
Source: https://commercialobserver.com/2026/06/imperial-tower-jersey-city-construction-loan/
9. Beal Bank funds a $200 million-plus acquisition of the Towers at Williams Square in Las Colinas | $200M+ | Irving, TX Beal Bank provided more than $200 million to fund Hillwood Urban and Vanderbilt Office Properties’ acquisition of the 1.4 million-square-foot Class A office campus anchored by the Big 12 Conference and Caterpillar.
Source: https://www.streetinsider.com/PRNewswire/Beal+Bank+Funds+Over+$200+Million+Total+Commitment+for+Acquisition+of+The+Towers+at+Williams+Square+in+Las+Colinas/26622336.html
10. Broad Street Development and KSR Capital recap 370 Lexington with $138 million from Acore Capital | $138M | Manhattan, NY Acore Capital provided $110 million of a $138 million refinancing and recapitalization of 370 Lexington Avenue, paying off Invesco Real Estate’s prior loan as Broad Street Development reclaims the office tower for a third time.
Source: https://commercialobserver.com/2026/06/broad-street-development-ksr-capital-recap-370-lexington-avenue/
Top Growth Capital Deals
1. Apollo and Blackstone finalize a $35 billion chip-backed credit facility for Anthropic | $35B | National (data center sites) Apollo Global Management and Blackstone closed Project Big Sky, a three-tranche, $35 billion private credit facility that will fund Anthropic’s lease of Google-designed TPU chips manufactured by Broadcom, with Broadcom backstopping the senior tranches.
Source: https://www.bloomberg.com/news/articles/2026-06-10/amazon-inks-17-5-billion-loan-in-financing-led-by-citigroup
2. Amazon secures a $17.5 billion delayed draw term loan led by Citibank | $17.5B | National Amazon entered a $17.5 billion senior unsecured delayed draw term loan agreement with Citibank as administrative agent, with commitments running through September and proceeds earmarked for general corporate purposes including its roughly $200 billion 2026 AI capex plan.
Source: https://www.datacenterdynamics.com/en/news/amazon-secures-175bn-loan-for-ai-data-center-buildout/
3. Belden prices a $1.85 billion term loan B to fund its RUCKUS Networks acquisition | $1.85B | St. Louis, MO (HQ) Belden Inc. syndicated and priced a $1.85 billion senior secured term loan B due 2033 at SOFR plus 2.25%, with proceeds funding its roughly $1.85 billion acquisition of RUCKUS Networks from Vistance Networks.
Source: https://www.businesswire.com/news/home/20260611446333/en/Belden-Announces-Pricing-of-$1.85-Billion-Senior-Secured-Term-Loan-B-Facility
4. RadNet adds a $250 million incremental term loan led by Barclays to fund acquisitions | $250M | Los Angeles, CA (HQ) Barclays Bank funded RadNet a $250 million incremental term loan under its existing credit agreement, extended to match its 2031 maturity while also shaving 25 basis points off pricing on both the term loan and its undrawn $282 million revolver.
Source: https://www.globenewswire.com/news-release/2026/06/10/3310092/10985/en/RadNet-Secures-250-Million-Incremental-Term-Loan-to-Fund-Strategic-Growth-Opportunities-and-Reduces-the-Interest-Rates-on-its-Credit-Facility-by-0-25.html
5. Applied Digital closes a $350 million revolving credit facility led by Goldman Sachs | $350M | Dallas, TX (HQ) Goldman Sachs arranged a $350 million revolving credit facility, with an accordion option up to $200 million, for Applied Digital’s data center development pipeline, joined by First National Bank of Omaha, Mizuho, RBC, Santander, and Wells Fargo.
Source: https://ir.applieddigital.com/news-events/press-releases/detail/153/applied-digital-secures-revolving-credit-facility-of-up-to
6. Beren Therapeutics raises $300 million in combined equity and non-dilutive credit | $300M | Thousand Oaks, CA Beren Therapeutics closed a $300 million round combining a $135 million equity tranche with a $165 million non-dilutive credit and royalty facility from Hercules Capital to support its lead Niemann-Pick disease therapy ahead of an FDA Priority Review date.
Source: https://www.businesswire.com/news/home/20260610248466/en/Beren-Therapeutics-Secures-%24300M-Financing-to-Support-the-Potential-Commercial-Launch-of-Adrabetadex-and-Long-Term-Care-Initiatives-for-Infantile-Onset-Niemann-Pick-Disease-Type-C
7. Cerus Corporation closes a $110 million debt facility with MidCap Financial | $110M | Concord, CA (HQ) MidCap Financial provided Cerus Corporation a $110 million facility combining a five-year term loan and an asset-backed revolver, retiring its existing $65 million term loan and cutting annual cash interest expense by up to $3.5 million.
Source: https://www.businesswire.com/news/home/20260608628365/en/Cerus-Corporation-Closes-New-Debt-Facility-of-Up-to-%24110-Million
8. Silver Point backs Iron Oak Energy’s acquisition of Signal Peak Silica | Undisclosed | Houston, TX (HQ) Silver Point Capital’s Direct Lending business participated in the term loan facility supporting Iron Oak Energy Solutions’ acquisition of Signal Peak Silica, deepening Iron Oak’s position as a multi-basin proppant supplier across the Eagle Ford and Mid-Continent.
Source: https://www.prnewswire.com/news-releases/silver-point-provides-debt-financing-for-acquisition-of-signal-peak-silica-by-iron-oak-energy-solutions-302791742.html
9. Monroe Capital leads the financing behind Sands Point Risk’s acquisition of Launch Environmental | Undisclosed | Chicago, IL (HQ) Monroe Capital acted as sole lead arranger and administrative agent on a senior credit facility supporting Avesi Partners portfolio company Sands Point Risk’s acquisition of Launch Environmental, an environmental liability insurance underwriter.
Source: https://monroecap.com/press_release/monroe-capital-supports-sands-point-risks-acquisition-of-launch-environmental-underwriters/
10. Cresco Labs closes a $50 million revolver with Needham Bank | $50M | Chicago, IL (HQ) Needham Bank provided Cresco Labs a $50 million revolving credit facility at a fixed 7.99% rate maturing in 2030, giving the multistate cannabis operator non-dilutive capital to fund growth following its recent Pennsylvania acquisition.
Source: https://investors.crescolabs.com/news/news-details/2026/Cresco-Labs-Closes-US50-Million-Revolving-Credit-Facility-with-Needham-Bank/default.aspx
Top ABL Deals
1. Prairie Operating reaffirms its $475 million borrowing base with Citibank’s lending syndicate | $475M | Houston, TX (HQ)
Citibank and its lending syndicate reaffirmed independent energy company Prairie Operating’s $475 million borrowing base under its credit agreement, alongside amended terms on its Series F preferred stock that reduce potential shareholder dilution.
Source: https://www.globenewswire.com/news-release/2026/06/11/3310384/0/en/prairie-operating-co-reaffirms-475-million-credit-facility-and-advances-series-f-preferred-refinancing-initiatives.html
2. CIT Northbridge provides a $25 million facility to Huron Valley Steel | $25M | Trenton, MI (HQ) CIT Northbridge, a joint venture advised by First Citizens Institutional Asset Management, provided a $25 million secured credit facility to Huron Valley Steel Corporation to scale its nonferrous metals recycling operations in Belleville, Michigan and Anniston, Alabama.
Source: https://www.monitordaily.com/cit-northbridge-provides-25mm-credit-facility-to-huron-valley-steel/
3. Commercial Funding Partners closes a $36 million sale-leaseback recap for a Midwest manufacturer | $36M | Midwest (unspecified) Commercial Funding Partners closed a $36 million sale-leaseback recapitalization structured as a 60-month non-tax lease, moving the deal from structure to funding in under three weeks for a Midwest manufacturer.
Source: https://www.equipmentfa.com/news/41546/commercial-funding-partners-closes-36mm-manufacturer-sale-leaseback-recapitalization
4. Rosenthal Capital Group closes $13 million across two factoring deals for apparel and footwear manufacturers | $13M | New York, NY / Miami, FL
Rosenthal Capital Group provided a $10 million factoring facility, including advances against both A/R and inventory, to a wholesale intimates manufacturer post-acquisition, plus a $3 million facility to a Miami-based footwear and accessories startup.
Source: https://www.abfjournal.com/rosenthal-capital-group-closes-two-factoring-facilities-totaling-13mm/
5. Republic Business Credit provides a $9 million ABL facility to a hardware manufacturer | $9M | Western
U.S. Republic Business Credit structured a $9 million asset-based facility to refinance an existing working capital loan for a hardware products manufacturer squeezed by tariff-driven margin compression, after a referral from its incumbent bank lender.
Source: https://finance.yahoo.com/economy/policy/articles/republic-business-credit-provides-9-140000128.html
6. Sallyport Commercial Finance provides a $2 million invoice factoring facility to a PE-backed Louisiana manufacturer | $2M | Louisiana
Sallyport Commercial Finance structured a $2 million invoice factoring facility for a Louisiana manufacturer recently acquired by a private equity firm pursuing a Sunbelt roll-up strategy, retiring an SBA loan and bank line in the process.
Source: https://www.abfjournal.com/sallyport-provides-2mm-factoring-facility-to-power-manufacturing-growth/
7. TAB Bank closes a $2 million ABL facility for a North Carolina flooring contractor | $2M | Garner, NC TAB Bank closed a $2 million asset-based lending facility for Blair Duron, a specialty commercial flooring contractor serving industrial, healthcare, and life science clients across the Southeast and Mid-Atlantic. Source: https://www.abfjournal.com/blair-duron-chooses-tab-bank-for-2mm-abl-facility/
8. SouthStar Capital structures an A/R facility for a Southeast landscaping company facing a Net 60 squeeze | Undisclosed | Southeast U.S. SouthStar Capital structured an accounts receivable financing facility for a commercial landscaping and maintenance company after a major government and multifamily client extended its payment terms from Net 30 to Net 60.
Source: https://www.southstarcapital.com/southstar-capital-supports-growth-for-local-landscaping-company-with-accounts-receivable-financing/
Top Market Issues
1. The May Jobs Report Erases $2 Trillion and Reprices 2027
A blowout jobs report with 90,000 in upward revisions wiped $2 trillion off the S&P 500 and pushed bond markets to price an 82% probability of a rate hike within 12 months. For CRE this destroys exit strategies for underwater floating-rate bridge loans, while for Growth Capital it directly impairs the warrant packages and exit valuations that venture debt lenders rely on for their returns.
Insight layer: The Basel III Endgame reproposal is delivering roughly $87.7 billion in net capital relief to banks at almost the exact moment the rate environment makes that capital harder to deploy profitably into CRE.
2. Global Container Freight Rates Jump 26% in Two Weeks
The Drewry World Container Index surged to $3,549 per FEU, with Transpacific lanes spiking 20 to 27%, driven by an early peak season, pre-tariff inventory pulls, Red Sea diversions, and World Cup-related cargo movements. ABL lenders must immediately apply purchase price variance reserves to strip capitalized freight premiums out of inventory collateral before applying advance rates, or they will find themselves structurally over-advanced.
Insight layer: The same freight spike that hurts importers is a tailwind for B2B equipment and transportation collateral, where Class 8 truck orders just jumped 103% year over year.
3. Strait of Hormuz Whiplash Locks In an Energy Risk Premium
A 48-hour escalation, an abrupt U.S.-Iran ceasefire memorandum, and then a downed Apache helicopter erased any optimism the conflict was cooling, leaving oil markets and shipping lanes dislocated. Construction and bridge lenders must reprice material cost assumptions on every active loan, while ABL desks financing import-heavy borrowers face stretched in-transit inventory timelines just as the Drewry index spikes.
Insight layer: The fastest-moving consequence is not oil, it is freight: Transpacific container rates already sit near $5,870 per FEU, and lenders applying standard advance rates to fully-loaded inventory costs are quietly over-advanced against true liquidation value.
4. SpaceX’s $75 Billion IPO Drains Liquidity and Bars Chinese Capital
The largest IPO in history priced at a $1.77 trillion valuation, absorbed roughly $100 billion in retail orders alone, and explicitly excluded Chinese and Hong Kong investors on national security grounds. For Growth Capital, the liquidity vacuum starves middle-market Series C and D companies of follow-on sponsor equity, while CRE and ABL sponsors relying on cross-border capital flows from Asia should expect a thinner bid.
Insight layer: The mega-IPO validates frontier technology multiples for the handful of companies at the very top while simultaneously stranding everyone below them, a bifurcation that is becoming the defining feature of this market.
Every issue is a door. The next section opens the ones worth walking through.
Top Market Opportunities
1. Hyperscale Data Center Refinancing in Northern Virginia | CRE Northern Virginia remains the deepest pool for ground-up development and refinancing of fully-leased hyperscale data centers, with this week’s $975 million Project Helios recap setting the template. Balance sheet financing at 60% LTV, SOFR plus 250 to 300 basis points, with a 1.30x post-stabilization DSCR minimum is the structure institutional lenders are clearing right now.
Sponsor playbook: Sponsors with 100% leased, investment-grade tenant rosters should be in market now, before megafund capital fully saturates Tier 1 NoVA supply.
2. AI Infrastructure and Compute-Backed Lending | Growth Capital The $35 billion Apollo/Blackstone facility for Anthropic and Applied Digital’s $350 million Goldman-led revolver show that growth lenders are shifting from standard term loans toward project-finance-style structures secured by hardware, power purchase agreements, and lease revenue. Lenders with syndication capacity are best positioned to participate alongside the megafunds rather than compete with them.
Sponsor playbook: Middle-market AI infrastructure operators should pursue delayed draw term loan structures now, before Tier 1 data center yields get fully monopolized by funds like KKR’s Helix Digital.
3. Sale-Leaseback Recapitalization for Industrial Manufacturers | ABL Commercial Funding Partners’ $36 million, three-week sale-leaseback for a Midwest manufacturer shows how fast capital can move when structured around the operating reality of a business rather than a single equipment quote. With Section 232 tariffs hitting metals input costs, manufacturers need this liquidity now, not after a quarter of margin compression.
Sponsor playbook: Manufacturers facing tariff-driven cost spikes should explore sale-leaseback recaps on unencumbered equipment before raw material costs further erode their balance sheets.
Opportunities point to where capital is heading. The next section shows where it is already there.
Top Market Winners
1. Industrial Outdoor Storage (IOS) | CRE
IOS just posted its third major institutional financing in two weeks, with Blackstone, J.P. Morgan, and Catalyst Investment Partners all writing checks into fragmented portfolios. Blackstone Real Estate Debt Strategies alone has now deployed more than $1.1 billion across six IOS notes.
Watch indicator: Track the pace of mom-and-pop IOS roll-ups in Miami and the Southeast, where Partners Group’s new $1.5 billion secondaries vehicle is actively hunting.
2. AI Infrastructure and Chip-Backed Lending | Growth Capital
The $35 billion Anthropic facility and KKR’s $10 billion Helix Digital platform confirm that AI compute is now its own asset class, with Apollo, Blackstone, KKR, and Nvidia all structuring debt around hardware leases and power purchase agreements.
Watch indicator: Watch secondary market pricing for Nvidia GPU compute instances over the next 90 days as a signal of whether this capital wave is durable or overbuilt.
3. DTC Brand Factoring and Inventory ABL | ABL
Rosenthal Capital Group closed five separate factoring and inventory deals this week alone across beauty, apparel, furniture, and footwear, each one replacing an expensive MCA with cheaper asset-based capital.
Watch indicator: Watch for continued MCA refinancing volume as DTC brands facing the freight cost spike look for cheaper working capital before peak season inventory builds.
Capital flows in two directions every week. Where it is leaving matters as much as where it lands.
Top Market Losers
1. Urban Class A and B Office | CRE
RXR’s $670 million distressed listing of the landmarked Helmsley Building, on the heels of 601W’s discount DTLA acquisition, confirms that even trophy sponsors are surrendering major office assets at a fraction of prior value.
Underwriting note: Underwrite any urban office refinancing strictly to trailing NOI and the new DTLA and Helmsley comps, not pro forma stabilization.
2. Late-Stage SaaS with Legacy AI Integrations | Growth Capital
DeepSeek’s V4-Pro entered the market at roughly 13 times cheaper than comparable US models, obliterating the pricing power of enterprise software companies that raised venture debt on the premise of proprietary AI features.
Underwriting note: Stress-test ARR multiples and gross margin assumptions for any SaaS borrower whose moat depends on AI features that can now be replicated at commodity pricing.
3. Subprime Consumer and Big-Ticket Retail ABL | ABL
America’s Car-Mart is seeking $500 million in rescue financing to avoid Chapter 11, and Sleep Number’s $415 million stalking horse bankruptcy sale is about to flood the secondary market with discounted furniture inventory.
Underwriting note: Haircut NOLV assumptions by 5 to 10% for any subprime-exposed consumer durables inventory, particularly used autos and furniture.
Sectors tell you what. Geography tells you where.
Top Market Locations
1. Dallas-Fort Worth, TX | CRE | Focus: Distressed / Value-Add Multifamily
DFW sits at the center of the 2021-2023 vintage multifamily maturity wall, with assets at or below 8% debt yields facing rescue recapitalization or distressed sale as $76.6 billion in CMBS hard maturities land in the back half of 2026. The play is preferred equity or mezzanine behind a senior lender, paying down the existing balance and requiring sponsor equity infusions before any extension.
Ancillary cities: Austin, TX; Atlanta, GA
Financing terms to watch: 15-20% of the capital stack via preferred equity or mezzanine, 12-14% current pay rate with control-takeover rights
First-mover window: 6 to 12 months
2. Dallas, TX | Growth Capital | Focus: AI Infrastructure & High-Performance Compute
Dallas combines grid capacity, available land, and tech talent for middle-market AI data center operators and liquid-cooling hardware providers, with Applied Digital’s $350 million Goldman-led revolver this week reinforcing the thesis. Senior secured delayed-draw term loans backed by servers, cooling units, and lease revenue assignments are the structure of choice before megafund capital fully monopolizes Tier 1 yields. Ancillary cities: Austin, TX; San Antonio, TX
Financing terms to watch: $50M-$150M Senior Secured DDTL, SOFR + 225-400bps, 3 to 5-year maturity First-mover window: 6 to 9 months
3. Chicago, IL | ABL | Focus: Heavy Manufacturing, Metals Processing & Hardware
Chicago’s industrial corridor is full of established manufacturers and metals processors facing extended cash conversion cycles, the same profile as this week’s Commercial Funding Partners sale-leaseback recap and CIT Northbridge’s Huron Valley Steel facility. New Section 232 tariffs on aluminum, steel, and copper derivatives make sale-leaseback recapitalization and refinancing of overly restrictive bank facilities especially timely.
Ancillary cities: Detroit, MI; Cleveland, OH
Financing terms to watch: $20M+ Asset-Based Facility (Term Loan + Revolver), advance against M&E based on independent USPAP NOLV appraisals
First-mover window: 9 to 12 months
Top Mover
CRE Top Mover: Santander Bank | Rank 13 from Rank 20 | ↑7
Santander Bank posted the largest jump on the CRE board this week, climbing seven spots to the doorstep of the top 10 on the back of continued large-balance project finance activity. The move signals Santander’s CRE platform is building real momentum in energy-linked infrastructure, a corridor where European banks have been steadily gaining share from domestic competitors.
Deal evidence this week: Santander Bank served as a coordinating lead arranger, alongside Barclays, BNP Paribas, and Wells Fargo, on the $3.5 billion construction financing for Cypress Creek Energy’s Steel River solar-plus-storage facility.
CRE Top 10 Lenders
| Rank | Lender | Deals | Points | Trend | Prev Rank |
|---|---|---|---|---|---|
| 1 | Wells Fargo | 34 | 765 | → | 1 |
| 2 | JP Morgan Chase | 24 | 510 | ↑1 | 3 |
| 3 | Goldman Sachs | 25 | 509 | ↓1 | 2 |
| 4 | Mitsubishi UFJ Financial Group (MUFG) | 19 | 392 | → | 4 |
| 5 | Bank of America | 18 | 379 | → | 5 |
| 6 | Citigroup | 17 | 324 | → | 6 |
| 7 | Morgan Stanley | 14 | 323 | → | 7 |
| 8 | Blackstone | 13 | 303 | → | 8 |
| 9 | Deutsche Bank | 12 | 232 | → | 9 |
| 10 | ING Bank | 12 | 232 | → | 10 |
Wells Fargo holds a commanding lead at the top with more than 250 points of separation, while the only meaningful movement this week was JP Morgan Chase and Goldman Sachs swapping the second and third spots.
Growth Capital Top Mover: Ares Management | Rank 15 from Rank 23
Ares Management posted the largest jump on any of this week’s three boards, climbing eight spots after closing the largest global Asset-Based Finance fund in the market in under six months. The move reflects institutional capital rotating hard into ABF strategies exactly as middle-market cash-flow lending tightens. Deal evidence this week: Ares closed its $12.7 billion Pathfinder ABF strategy, the largest closed-end commitment of its kind, validating the macro shift the Growth Capital and ABL geopolitical briefs both flagged this week.
Growth Capital Top 10 Lenders
| Rank | Lender | Deals | Points | Trend | Prev Rank |
|---|---|---|---|---|---|
| 1 | JP Morgan Chase | 25 | 508 | → | 1 |
| 2 | Bank of America | 13 | 279 | → | 2 |
| 3 | Wells Fargo | 14 | 276 | → | 3 |
| 4 | Citigroup | 10 | 253 | → | 4 |
| 5 | Goldman Sachs | 11 | 242 | ↑1 | 6 |
| 6 | U.S. Bank | 11 | 227 | ↓1 | 5 |
| 7 | PNC Bank | 12 | 206 | → | 7 |
| 8 | Morgan Stanley | 7 | 197 | → | 8 |
| 9 | Monroe Capital | 17 | 193 | ↑1 | 10 |
| 10 | HSBC | 10 | 192 | ↓1 | 9 |
JP Morgan Chase remains untouchable at the top, but the real story is further down the board, where Ares Management’s eight-spot jump to 15 and Mizuho’s six-spot jump to 19 show non-bank and international capital actively repositioning.
ABL Top Mover: Sallyport Commercial Finance | Rank 12 from Rank 16
Sallyport Commercial Finance posted the largest jump on the ABL board this week, climbing four spots that pushed it past Crestline Investors, Haversine Funding, and JPalmer Collective. The move tracks Sallyport’s pitch directly: flexible factoring and inventory facilities for PE-backed Sunbelt manufacturers that traditional banks are no longer willing to underwrite without a personal guarantee.
Deal evidence this week: Sallyport closed a $2 million invoice factoring facility for a Louisiana manufacturer recently acquired by a private equity firm, retiring an SBA loan and bank line as part of a broader Sunbelt roll-up strategy.
ABL Top 10 Lenders
| Rank | Lender | Deals | Points | Trend | Prev Rank |
|---|---|---|---|---|---|
| 1 | Southstar Capital | 32 | 240 | → | 1 |
| 2 | Rosenthal Capital Group | 17 | 140 | ↑1 | 3 |
| 3 | eCapital | 12 | 100 | ↓1 | 2 |
| 4 | Baker Garrington | 11 | 86 | → | 4 |
| 5 | First Business Bank | 10 | 84 | → | 5 |
| 6 | nFusion Capital | 10 | 80 | → | 6 |
| 7 | J D Factors | 10 | 74 | → | 7 |
| 8 | Eldridge Capital Management | 3 | 69 | → | 8 |
| 9 | Wingspire Capital | 5 | 66 | → | 9 |
| 10 | Amerisource Business Capital | 8 | 64 | → | 10 |
Southstar Capital’s lead at the top widened this week on both deal count and points, while Rosenthal Capital Group leapfrogged eCapital into second on a 17-deal week.
These are the lenders writing the biggest checks. The next section is for everyone who needs a different door.
Sleeper Pick of the Week
Sleeper Pick of the Week: Commercial Funding Partners | ABL |
Unranked Commercial Funding Partners is not on any vertical’s top 10, but the firm just closed a $36 million sale-leaseback recapitalization for a Midwest manufacturer in under three weeks, structured as a 60-month non-tax lease around the actual operating reality of the business rather than a single equipment quote. That speed matters right now, with Section 232 tariffs squeezing manufacturer margins on aluminum, steel, and copper derivatives and banks pulling back from anything that looks like transitional risk. For a borrower locked out of the standard bank playbook, this is exactly the kind of lender that moves at the pace the moment demands.
Deal this week: $36 million sale-leaseback recapitalization, 60-month non-tax lease, Midwest manufacturer
Source: https://commercialfundingpartners.com/
Why this matters for you: If your bank lender is slow-walking a recapitalization while tariff costs climb, a sale-leaseback structured around your operations, not just your equipment, can close in weeks instead of quarters.
The Closer of the Week
The Closer of the Week: Jason Carmona, Executive Vice President and Western Regional Manager, Republic Business Credit
Jason Carmona closed a $9 million asset-based lending facility this week for a hardware products manufacturer caught between tariff-driven margin compression and an incumbent bank lender pulling back, and the deal came to Republic via a direct referral from that same bank’s portfolio manager. That kind of referral, a bank handing off a client it can no longer serve to a specialty ABL, is the clearest signal in this entire issue of where middle-market credit is migrating. Republic just climbed three spots to rank 11 in this week’s ABL board, proof that some of the sharpest underwriting in this market is happening just outside the top 10. Deal: $9 million ABL facility refinancing an existing working capital loan for an established hardware manufacturer serving commercial contractors and DIY retail Source: The Lender Draft verified deal data
LinkedIn: https://www.linkedin.com/in/jason-carmona-97b0784/
That is the board for this week. New rankings drop next Monday. The deals keep coming.