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. 

Gordon Brothers, the global asset experts, is bolstering the firm’s market presence in New England and has welcomed Daniel Bolger as Director, Business Development. In this role, Bolger will accelerate Gordon Brothers’ continued growth in the region by providing comprehensive, integrated solutions across the firm’s existing suite of asset services, lending and financing, and trading that unlock liquidity for clients and partners. 

SFNet is pleased to announce the winners of its IMPACT Awards and the inductees into the 2025 SFNet Hall of Fame.  The IMPACT Award recipients embody the core values and achievements that the SFNet community strives to uphold and promote. Hall of Fame inductees have made significant, lasting contributions to the secured finance industry throughout their careers. We look forward to celebrating with this august group on the evening of November 11 in Los Angeles, prior to SFNet’s Annual Convention.

Gordon Brothers, the global asset experts, has acquired Atlantic Risk Management Services (Atlantic RMS), a London-based firm specialising in accounts receivable audits and realisations.

The acquisition expands Gordon Brothers’ valuation and corporate recovery capabilities in the U.K. and Europe and further enhances the firm’s ability to deliver comprehensive solutions to clients and partners across their lifecycle.

Texas is quickly putting itself on the commercial finance map with recent new firms starting and a region that is clearly growing.