The Secured Finance Network (SFNet) Member Directors have elected and the Executive Committee has approved the FY26 SFNet Management Committee and Executive Committee members. In addition, the Secured Finance Foundation (SFFound) Member Donors have elected and the SFFound Board has approved the FY26 SFFound Board and Officers. 

In this newly created role, Adam will oversee all aspects of ABL activities, reinforcing Wells Fargo’s commitment to delivering flexible, scalable financing solutions to asset-rich companies.

In a quarter defined by opportunistic repricings, record private debt fundraising, and continued strength in middle-market CLO issuance, Q3 2025 is shaping up as a pivotal moment for U.S. middle-market lending. According to LSEG LPC’s latest Mid-Quarter Trends report, investors and issuers alike are recalibrating in response to macro stability, declining spread volatility, and persistent appetite for yield—even as new money activity retreats and secondary pricing shows signs of softening.

J.P. Morgan announced that Andrew (“Drew”) Ray has been appointed as the new global head of Asset Based Lending (ABL) within Capital & Advisory Solutions, Commercial Banking.

This column highlights the hard work and dedication of SFNet’s Committee volunteers. Here we speak with Kurt Marsden, group head, Wells Fargo Capital Finance, and chair of SFNet’s Convention Planning Committee. To learn more about SFNet's 81st Annual Convention, please click here.

First Business Bank welcomes Steve Ogus as Senior Vice President – Asset-Based Lending to First Business Specialty Finance, LLC, a subsidiary of First Business Bank. 
With more than 30 years of asset-based lending expertise, Steve Ogus is an experienced leader in helping middle-market companies secure flexible financing solutions to manage growth, acquisitions, refinancing, and turnaround situations.