24 Feb SFNet Asset-Based Capital Conference 2026 Trip Report

Posted at 15:00h in Blog by

By David Moffat, Director, Pasadena Private Lending

 

This week PPL attended the Secured Finance Network’s Asset-Based Capital Conference 2026 in Las Vegas, the premier annual gathering of asset-based and leveraged finance professionals.

The event drew a highly engaged cross-section of the secured lending ecosystem, including:

  1. Bank and non-bank capital providers — active asset-based lenders, credit funds, and balance-sheet lenders.
  2. Credit and portfolio leadership — underwriting heads, portfolio managers, risk and compliance officers from both sponsor-backed and independent lending platforms.
  3. Service providers — legal counsel, fintech vendors, insurance specialists, appraisers, and other capital-market infrastructure partners.
  4. Deal intermediaries and consultants — brokers, turnaround advisors and capital-market strategists facilitating transactional flow.

This diversity created a concentrated environment where deal-makers, decision-makers and solution providers were all in the same room, enabling highly productive discussions that went beyond superficial networking.

 

Themes & Trends

 

  1. Optimism in the Credit Market in General

Across panels and informal discussions there was broad optimism around the mid-market credit landscape. While macro concerns remain (rates, inflation, industry cyclicality), attendees generally expressed confidence in:

  1. Continued deal flow in asset-based and private credit channels.
  2. Strong appetite from non-bank lenders for differentiated risk and creative structures.
  3. Incremental deployment of capital in quality market credits.

This optimism was reflected in panel content covering the current state of the non-bank asset-based lending market — emphasizing growth in sole-lender transactions and resilient credit demand.

 

  1. AI & Technology Adoption — Cautious, But Growing

A recurring subtext in many conversations was practical adoption of AI and analytics tools:

  • Lenders and vendors noted they’re incorporating AI into risk assessment, underwriting workflows and operational efficiency initiatives.
  • However, the prevailing attitude was prudent implementation rather than wholesale technology disruption focusing first on use cases with clear ROI and compliance alignment.
  • Panelists and technology providers emphasized data quality, model interpretability and governance frameworks as prerequisites for sustainable AI deployment.

This balanced approach reflects the broader credit market ethos: leveraging technology to enhance decision-making without compromising underwriting discipline.

 

  1. Networking with Key Decision Makers

While the conference had great panels, the networking component was substantive:

  • Extended lunches, breakout sessions and table-top exhibits provided ample opportunities to connect one-on-one with those actively deploying capital or offering infrastructure solutions.
  • For business development professionals like myself, these interactions yielded insight into prospective deal flow channels, service partnerships and emerging product needs across the lending value chain.

I met numerous lenders and complementary vendors, ranging from technology platforms to underwriting support specialists — all of whom are actively looking for differentiated partners and solutions.

 

  1. Credit Structuring & Documentation Evolution

Conversations about evolving documentation trends — especially around liability management strategies and lender protections — were prevalent. Panels and one-on-one dialogues underscored that:

  • Liability management transactions are increasingly top of mind as capital structures evolve.
  • Lenders are seeking documentation language that protects priority and mitigates inter-lender conflict.

These discussions are especially relevant for non-bank lenders navigating competitive dynamics with banks and other capital sources.

 

Strategic Implications for Pasadena Private Lending
  1. Reinforce our market positioning in lower-middle market secured credit — aligning messaging with themes of discipline, structure and collaboration.
  2. Continue investing selectively in AI capabilities that enhance underwriting and portfolio monitoring while ensuring robust governance.
  3. Leverage conference relationships for both incremental deal origination and strategic partnerships with solution providers.

 

The SFNet Asset-Based Capital Conference was an invaluable opportunity to engage with senior lenders, funders and industry innovators. There’s a tangible sense of forward momentum in the credit markets, driven by sustained demand, evolving structures, and thoughtful technological adoption. The relationships and insights we gathered position Pasadena Private Lending well for growth in 2026 and beyond.

 



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