For professionals engaged in asset-based and middle-market leveraged lending, the past year delivered a tale of two markets. Equity markets surged throughout 2025. Public and private debt markets were active, liquid, and—by almost any historical measure—exceptionally attractive. Capital was available, refinancing dominated activity, and competition drove spreads to tight levels across structures.

And yet, as the industry gathers for SFNet’s Asset-Based Capital Conference (ABCC) in February 2026, now in its 18^th year, the backdrop looks far more complex.

Questions around the direction of interest rates, inflation, labor markets, global trade policy, and geopolitical risk are no longer theoretical—they are shaping underwriting decisions, capital allocation, and strategic planning in real time. This split screen—strong recent performance paired with heightened uncertainty—makes ABCC 2026 not just timely, but essential.

Held February 10–11 at The Encore at Wynn Las Vegas, ABCC 2026 brings together the full ecosystem of asset-based lenders, capital providers, private credit investors, advisors, lawyers, and turnaround professionals for two days of insight, connection, and perspective. ABCC 2026 is designed to help attendees make sense of these cross-currents—what they mean for capital markets execution, portfolio management, and growth strategies heading into 2026 and beyond.

Despite geopolitical concerns and economic uncertainty driven by trade policy, 2025 was a record-setting year for broadly syndicated bonds and loans, while equity markets rallied to new highs. Private credit continued to expand its presence, even as competition intensified. LBO volume increased over 2024 levels but remained muted relative to historical norms, with refinancing activity dominating across markets.

Within asset-based lending, strong refinancing volume carried the market through a wall of upcoming maturities. At the same time, the definition of “asset-based” capital continues to broaden, fueled by private credit funds deploying billions of dollars into asset-supported strategies that differ meaningfully from traditional ABL.

Day One: Risk, Opportunity, and Technology

The conference opens with a thought-provoking fireside discussion, Hiding in Plain Sight: A Seismic Shift Underway Within Global Markets,sponsored by Gordon Brothers. Featuring Harvard Professor Donald D. Sheets, this discussion will explore how an unprecedented series of events—including climate-driven weather and natural disasters—has disrupted global risk transfer markets, with significant implications for property ownership and insurance availability. Sheets will explain how wildfires in Australia are impacting property insurance prices in Nebraska.  For lenders focused on asset values and collateral durability, this session will set a timely tone. 

The renewed momentum in financial services M&A will be examined next. With a change in administration and regulatory approach, both bank and non-bank lenders are again exploring strategic combinations. Back in Business: The New Wave of Financial Services M&A, sponsored by TD Bank, will examine what’s driving deal activity, where it’s likely to accelerate, and what it means for competition and capital availability. Tim Stute, managing director, Hovde Group, will serve as moderator and panelists will include Kathy Dick, founder and chief executive officer, Salt of the Earth Consulting; Kirk Hovde, managing principal, head of Investment Banking, Hovde Group and Christopher Wolfe, managing director, Fitch Ratings.

The afternoon’s panels will conclude with one of the most anticipated topics across the industry: artificial intelligence. Sponsored by Sidley Austin LLP, Smarter, Faster, Better: AI Meets Secured Lending looks beyond the hype to examine how AI could impact underwriting, portfolio monitoring, risk management, and operational efficiency—while also addressing the impediments to rapid adoption. As investment in AI reaches unprecedented levels, this discussion offers a practical look at what’s coming next for secured lending. Moderated by Matt Ross, Banking Strategy managing director, Accenture, Panelists will include Alister Bazaz, head of International Asset-Based Finance, Bank of America; James Croke, partner, Sidley Austin LLP; Manav Misra, chief data and analytics officer, Regions Bank and Kevin Torno, Strategy and Consulting managing director, Accenture.

The day will conclude with ABCC’s Opening Reception, sponsored by Holland & Knight LLP, and one of the conference’s hallmark networking moments and a chance to reconnect with peers.

Day Two: Capital Markets, Legal Updates, and the Global Lens

Wednesday morning begins with the ABCC Capital Markets Extravaganza 2026: When the Ducks Quack, Feed Them, sponsored by Bank of America. This session brings together senior capital markets professionals to assess record volumes, aggressive terms, tight spreads, and the outlook for 2026 across syndicated markets, private credit, and asset-based capital. For anyone navigating capital raises, syndications, or refinancings, this panel delivers critical perspective.

Barry Bobrow, head of Originations, Regions Business Credit will moderate. Panelists will include Kavian Boots, capital markets managing director, U.S. Bank; Kristen Holihan, managing director, Ares Management; William Hughes, managing director, head of U.S. Leveraged Capital Markets, Citigroup Global Markets Inc. and Coley McMenamin, managing director, head of ABL Capital Markets, Bank of America.

A range of emerging and evolving legal developments take center stage in the Clause and Effect: ABCC Legal Update 2026 panel.

“Among the topics we will cover are recent technical legal updates affecting domestic and cross-border loans, current structural technology in documentation, and potential documentation changes in response to recent events,” explained Jennifer Ezring, partner, Latham & Watkins, who will serve as the panel’s moderator.

Panelists will include Chris Marino, managing director-Investment Banking, Citi; David Morse, member, Otterbourg P.C.; J.W. Perry, partner and co-head of Sponsor Finance, Davis Polk; Kathryn Scharre Podelnyk, managing director, Corporate ABL underwriting manager, Wells Fargo Capital Finance; and Conray Tseng, partner, Latham & Watkins.

The conversation then broadens with Economics Meets Geopolitics: Decoding the Forces Shaping Our Future. With ongoing wars, shifting alliances, and increasingly complex trade policies, the link between geopolitics and economics has never been more direct—or more volatile. This session, featuring moderator Dimitri Karcazes, principal, Goldberg Kohn and speakers David Chmiel, managing director, Global Torchlight and Elliott Harris, Global Economics Expert, Former United Nations Chief Economist and Assistant Secretary-General for Economic Development, brings context and clarity to forces that increasingly influence capital flows and borrower performance.

After lunch, ABCC will turn to one of the most significant structural trends in the market: the rising demand for asset-based capital within private credit. Sponsored by White Oak Commercial Finance, A Rose by Any Other Name: Asset-Based Lending Takes Center Stage in Private Credit explores the emerging trend from both an LP and lender standpoint.

“Over the last few years, the ABL market has broadened significantly, driven in large part by the growing participation of credit funds that approach both risk and structuring very differently from traditional banks,” said panelist Jeremy Harrison, managing director, head of UK Asset Based Lending, White Oak UK.
“From a European perspective, we’re seeing the same dynamics play out, underpinned by the continued growth of private credit. At the same time, there’s been a need to demystify what is often overlapping and interchangeable terminology. In simple terms, factoring and invoice finance sit alongside ABL, which increasingly extends into other asset classes such as inventory, plant & machinery and real estate. In my view, these ‘other assets’ are closer to true asset-backed investment strategies than to traditional borrowing-base lending.”

John Ahn, managing partner, co-founder, Whitehawk Capital Partners will serve as moderator and in addition to Harrison, panelists will include panelists: Jeremy Harrison,  Brian Murphy, portfolio manager, co-chief investment officer, First Trust Capital Management; Adam Salter, managing director, Sixth Street and Jeff Topor, portfolio manager, Cliffwater LLC.

Capital Connections: Where Deals Begin

New for ABCC 2026 is Capital Connections, sponsored by Goldberg Kohn, an invitation-only program designed to maximize the value of being in the room. Taking place on February 11, Capital Connections brings together bank and non-bank capital providers with aligned interests and complementary solution sets. Attendees can participate in one-on-one meetings with lenders actively seeking club, syndication and multi-product (revolver, term loan, unitranche, etc.) opportunities, as well as senior debt, mezzanine and equity partners.

This article was written with the assistance of ChatGPT.

To register for SFNet’s Asset-Based Capital Conference, please click here.