ABF Journal's Thought Leadership Podcast

ABF Journal

ABF Journal has launched a podcast series featuring real-time conversations with industry leaders to discuss pressing topics and offer insight into the future.

  1. May 31

    Pulse Podcast #17: 15% Premium: Navigating the Rising Cost of Inventory and Asset Valuations in 2026

    For the average importer in 2026, inventory is now 15% more expensive than it was just a year ago. But does a higher cost on the balance sheet translate to higher recovery values?In this episode, Rita Garwood sits down with Alex Sutton, Head of Research at Gordon Brothers, to move past the headlines and look at the data. They discuss how persistent tariff volatility is creating a "new normal" for domestic supply chains, the challenges of "out of formula" financing, and the specific red flags lenders should look for in borrower reporting.Key topics include:• The "Step-Up" Effect: Why inventory costs have spiked by 15%.• Valuation Realities: Why higher replacement costs don't always mean higher liquidation values.• Industry Spotlights: Why electronics and furniture are feeling the most pressure.• The "Hangover Effect": Tracking the aftermath of pre-tariff over-purchasing.

    32 min

  2. May 14

    Pulse Podcast #16: Lender on Lender: Inside the Legal Arms Race Reshaping Liability Management

    In this episode of the ABF Journal Podcast, editor in chief Rita Garwood sits down with two of the leading experts in liability management covenant analysis: Julian Bulaon, head of liability management for Americas Covenants at Octus, and Melissa Kelley, deputy head of the Americas Covenants team and a former LME litigator with nearly a decade of experience in New York and London.   Together, they trace the arc of liability management exercises from the shock of Serta Simmons in 2020 — when a bare majority of first-lien lenders used an "open market purchase" loophole to leave the minority holding lien-subordinated, covenant-stripped paper — through the Fifth Circuit's landmark 2024 ruling, and into the current landscape where LME playbooks are evolving faster than the blockers designed to stop them.   In this episode: • What Serta Simmons actually did in 2020 — and why it shocked a credit market that thought it had already closed the relevant loophole • How the "open market purchase" exception was used, why the Fifth Circuit rejected Serta's interpretation, and what the ongoing bankruptcy court remand could mean for the entire loan market • Why the Fifth Circuit's decision didn't end non-pro-rata LMEs — it just changed how they're structured, with privately negotiated purchase exceptions and Extend-and-Exchange structures filling the void • What's happening right now at Medical Solutions, SonicWall, and STARS/Lionsgate — and what makes each situation legally distinct • How the market is naming and tracking blockers — from the "Big 3" (Serta, J.Crew, Chewy) to newer additions like Envision, Xerox, and Pluralsight — and why negotiating power, not awareness, determines which protections actually make it into documents • Whether ABL and asset-backed lenders are exposed to LME tactics, and why the Hertz revolver example offers a model for smarter protection • Why Julian thinks 2025 and beyond may be the era of "stochastic lender violence" — punctuated by moments of extreme aggression as the 2028 maturity wall approaches   Julian Bulaon is head of liability management for Americas Covenants at Octus, where he focuses on identifying the contractual loopholes that enable LME transactions. Melissa Kelley is deputy head of the Americas Covenants team at Octus and brings nearly a decade of front-line LME litigation experience from both New York and London.

    30 min

  3. May 8

    Pulse Podcast #15: The New Era of Bank — Independent Lender Partnerships

    In this episode of the ABF Journal Podcast, editor in chief Rita Garwood sits down with Brian Rosa, president of asset finance at Mitsubishi HC Capital America, to explore one of the most significant — and underreported — shifts reshaping the industry: the accelerating collaboration between banks and independent lenders.While headlines have focused on bank retrenchment, Brian argues that the real story is in the partnerships being quietly forged on both sides. Banks are streamlining balance sheets and seeking ways to remain sticky with customers. Independents are sitting on dry powder and hungry for origination volume. The result? A natural — and potentially permanent — alignment that's changing how small businesses and large enterprises alike access capital.Brian and Rita cover:• Why 15–20+ bank–independent partnerships have been announced in recent years — and why that number is likely to keep climbing• How creative deal structuring works in practice, from non-standard collateral to operating leases and co-investment arrangements• The move from pure lending to full lifecycle asset management — and what that means for banks' customers• AI, data centers, robotics, and automation: the two sectors Brian expects to drive the most bank–independent collaboration in the next 12–24 months• The biggest misconceptions traditional bankers still hold about partnering with independent lenders• Whether this partnership model is a temporary response to market volatility — or the beginning of a permanent new ecosystem for small business capitalBrian Rosa leads the asset finance business at Mitsubishi HC Capital America (MHCA), one of North America's largest independent equipment finance / Monitor companies. MHCA operates across both big-ticket and small-ticket/flow markets and has built deep expertise in sectors including transportation, construction, industrial, and technology.

    22 min

  4. Apr 29

    Pulse Podcast #14: Covenants, Collaboration, and Capital: A Deep Dive into Subordinate Debt

    As senior lenders tighten advance rates in the current credit cycle, businesses are facing new hurdles in the capital stack. In this episode, Rita Garwood, Editor in Chief of ABF Journal, sits down with Joe Camberato, Founder and CEO of National Business Capital, to discuss how high-velocity subordinate debt is saving deals. In this episode, we cover: • Where structural friction is occurring in today’s capital stack. • The difference between "Mezz Alternative" products and traditional mezzanine financing. • How to navigate intercreditor agreements without "legal ping-pong". • The rise of collaboration between private equity, senior lenders, and bridge providers. About Joe Camberato: Joe is the CEO of National Business Capital, which has funded over $3 billion in transactions since 2007. He is a frequent contributor to Forbes and CNBC, specializing in scaling businesses through fast, flexible funding.

    28 min

  5. Apr 15

    Pulse Podcast #13: The Eye of the Storm: Navigating the Surge in Middle-Market M&A Disputes

    As the M&A market heats up, so does the potential for litigation. In this episode of the ABF Journal Podcast, Editor-in-Chief Rita Garwood sits down with Frank Dery and Kevin Hagon from Berkeley Research Group (BRG) to dissect their latest report on M&A disputes. While deal volume is rising, the path to a smooth exit is becoming increasingly complex. We dive into why the middle market is currently the "eye of the storm" for conflict, the rising impact of Representation and Warranty (R&W) insurance, and how geopolitical tensions in 2026—from the Middle East to Latin America—are manifesting as legal battles in purchase agreements. In this episode, we discuss: • The Numbers Game: Why more deals naturally lead to less desirable companies entering the market and increasing dispute risks. • The Earnout Trap: Common drafting mistakes in post-COVID deal structures and the "magnification" of disputed items. • Geopolitical & Macro Pressures: How shifting interest rates, tariffs, and global conflicts are triggering MAC clauses and valuation uncertainty. • Expert Advice: The single most important step for PE firms and CEOs to protect themselves before closing a deal.Don't let ambiguity drain your deal value. Tune in to learn how to navigate the current "storm" of M&A conflict.

    32 min

  6. Apr 3

    Pulse Podcast #12: Beyond the Zombie Buildup: Why Integration is the New Value Creation Currency

    In this episode of the ABF Journal Podcast, Editor in Chief Rita Garwood sits down with Matt Pencek, National Private Equity Services practice leader at SolomonEdwards, to discuss the shifting landscape of middle-market M&A in 2026.Gone are the days when cheap debt and multiple expansion could paper over integration failures. Matt explains why every basis point of EBITDA margin now depends on a tightly interwoven operating model and a disciplined integration strategy.In this episode, we cover:• The "High Growth Wall": Why operational complexity scales exponentially while revenue scales linearly.• Defining the Zombie Buildup: How to identify platforms that look like one company on paper but operate as siloed entities.• The 100-Day Playbook: Quick wins in back-office consolidation, payroll, and technology architecture.• Lender Red Flags: How to distinguish between a temporary working capital lag and a failed integration.About our guest: Matt Pencek leads the National Private Equity Services practice at SolomonEdwards, focusing on serving PE portfolio companies at critical inflection points across their investment life cycle.

    16 min

  7. Mar 26

    Pulse Podcast #11: The Clean Slate: Mastering Article 9 Restructuring

    In this episode of the ABF Journal Podcast, host Rita Garwood sits down with Adam Duso (CEO of Second Wind Consultants) and Jason Dinoff (CEO of KCP Advisory and Principal at Cornerstone Business Credit) to discuss the mechanics of out-of-court restructuring under Article 9 of the UCC.As middle-market companies struggle with high interest rates and layered debt stacks, the traditional turnaround is often hindered by legacy liabilities and "predatory" Merchant Cash Advance (MCA) providers. Our guests explain why trying to grow a business before stabilizing its debt is like "hanging drapes in a burning building" and how an Article 9 sale can "divorce" a company from its debt to create a turnkey, performing entity.In this video, you’ll learn:• How Article 9 solves the "bottleneck" in bank-to-ABL transitions.• The legal mechanics of stripping away junior liens and MCA "receivable intercepts."• The difference between a "hope note" and a performing subordinated note.• The #1 red flag that tells a lender it’s time to stop the organic turnaround and start a transactional process.Read the full article by Adam Duso and Bob Dinozzi: "A Workout without the Mess: When is Article 9 restructuring the right path?" on ABFJournal.com.

    21 min

  8. 12/27/2025

    Pulse Podcast #10: Where Private Credit Goes Next: Discipline, Opportunity and Sector Depth

    Where is private credit headed in 2026? In this episode, ABF Journal Editor in Chief Rita Garwood sits down with Mitch Soiefer, partner and head of lender finance at SLR Capital Partners, to break down the biggest forces shaping the market right now.Mitch shares insight on:• The capital wave reshaping upper mid market cash flow lending• Why specialty finance verticals are gaining momentum• How SLR approaches monitoring, structure and discipline• What borrowers and sponsors need to understand as the cycle tightens• The themes that will matter most for lenders who want to outperformWhether you’re in private credit, specialty finance or adjacent markets, this conversation gives you a sharp, clear view of what’s happening and what’s next.Listen now and subscribe for more conversations with leaders across the commercial finance industry.

    12 min
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3
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2 Ratings

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ABF Journal has launched a podcast series featuring real-time conversations with industry leaders to discuss pressing topics and offer insight into the future.

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