TSL June 2025 by Secured Finance Network

Because

things aren’t always as they seem

One must comprehend the whole picture before arriving at conclusions. Tiger’s ABL appraisers and data analysts are never satisfied taking just one look at a problem. They take a second, third, and fourthuntil they see the true picture. Boots-on-the-ground due diligence. Proprietary TigerInsightstm Analytics. $5b/year liquidation expertise. Take a closer look.

SFNET 40 UNDER 40 AWARDS PROFILES P10

SFNET 40 UNDER 40 AWARDS PROFILES

Meet the future leaders of your industry. In this issue, we highlight the recipients of SFNet’s 40 Under 40 Awards. 10

FEATURE STORIES

5 YEARS LATER: Remote Work’s Enduring Impact on the Secured Finance Industry

Five years after the COVID-19 lockdowns sparked a widespread shift to remote work, the secured finance industry is still exploring what “normal” looks like. In this in-depth article, leaders from across the sector share candid insights on productivity, culture, hiring, training, and communication in a post-pandemic world. From hybrid skeptics to fully remote advocates, their stories reveal the complexity—and opportunity—of evolving workplace models. 82 BY

MEREDITH L. CARTER

Where Are They Now? Catching up with Previous SFNet 40 Under 40 Award Winners

SFNet 40 Under 40 Award recipients share how the Award affected their careers and advice for the Class of 2025. 88 BY

EILEEN WUBBE

FEATURED STORY

5 YEARS LATER: REMOTE WORK’S ENDURING IMPACT ON THE SECURED FINANCE INDUSTRY P.82

The Transformative Power of Servant Leadership in Modern Business

Discover how servant leadership is reshaping today’s business world. This article explores the core principles behind this transformative approach, shares real-world examples from top companies, and reveals why prioritizing the growth and well-being of your team can unlock extraordinary results. 92

BY VINCE MANCUSO

Articles

TRENDS IN SECURED FINANCE

in Commercial Loan

Underwriting: Strategy, Structure, and Support

AI is rapidly reshaping commercial lending, but its path is anything but straightforward. From data challenges to regulatory hurdles, companies are navigating a complex landscape as they integrate machine learning into underwriting. This article explores how institutions are embracing AI, balancing innovation with caution, and finding smart ways to stay competitive. 96

BY BRIAN RESUTEK

SFNET MEMBER PROFILE

White Oak’s Approach to Serving Non-Sponsored Businesses

Founded in 2007, White Oak Global Advisors, LLC is an SEC-registered investment advisor and private credit firm that provides small- and middle-market businesses with term loans, asset-based loans, invoice factoring, trade finance, equipment financing and treasury management. White Oak’s key differentiation in the market is offering a comprehensive product suite of

credit products that can support the entire lifecycle and ecosystem of a corporate borrower. 98

BY EILEEN WUBBE

SFNET COMMITTEE SPOTLIGHT

International Finance Committee

This column highlights the hard work and dedication of SFNet’s Committee volunteers. Here we speak with Alister Bazaz, head of International Asset Based Finance, Bank of America, and chair of SFNet’s International Finance Committee, who is considered an international ABL thought leader in the space. 100

BY EILEEN WUBBE

Departments

NETWORK NOTES 4

TOUCHING BASE 9

The Secured Finance Network is the trade group for the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations.

The objectives of the Association are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the Association’s members, and their personnel, in the performance of their social and community responsibilities; and to promote, through education, the sound development of asset-based financial services.

The opinions and views expressed by The Secured Lender’s contributing editors and authors are their own and do not necessarily express the magazine’s viewpoint or position. Reprinting of any material is prohibited without the express written permission of The Secured Lender

The Secured Lender, magazine of the asset-based financial services industry (ISSN 0888-255X), is published 6 times per year (Jan/Feb, March, June, July/Aug, Sept and Nov) $65 per year non-member rate, and $105 for two years non-member rate. SFNet members are complimentary.

Secured Finance Network

370 Seventh Avenue, Suite 1801, New York, NY 10001. (212) 792 -9390 Email: tsl@sfnet.com www.SFNet.com

Periodicals postage paid at New York, NY, and at additional mailing offices. Postmaster, send address changes to The Secured Lender, c/o Secured Finance Network, 370 Seventh Avenue, Suite 1801, New York, NY 10001

Editorial Staff

Michele Ocejo

Editor-in-Chief and SFNet Communications Director mocejo@sfnet.com

Eileen Wubbe Senior Editor ewubbe@sfnet.com

Aydan Savaser

Art Director asavaser@sfnet.com

Advertising Contact: James Kravitz

Business Development Director

T: 646-839-6080 jkravitz@sfnet.com

Haversine Funding as underwriter, Lender Finance. Snyder brings with her over ten years of experience in the factoring industry, having served as both an underwriter and compliance auditor.

Iron Horse Credit Welcomes Paul J. Durosko

Paul J. Durosko was appointed as senior vice president of Iron Horse Credit. Durosko brings a wealth of knowledge and expertise in credit, operations, and portfolio management from his 32 years of experience in the commercial finance industry.

JPalmer Collective Expands Team with Eunice Kepka as Business Development Officer

Eunice Kepka will be instrumental in connecting growth-stage brands with tailored financing solutions and strengthening client partnerships. Kepka has extensive experience in connecting growth-stage brands with creative financing solutions tailored to their unique needs.

Legacy Corporate Lending, LLC announced the appointment of Dillon Lounsbury as senior vice president of originations. Lounsbury brings over a decade of lending experience to Legacy, where he will be responsible for leading the origination and structuring of new transactions in the Southeast.

Mayer Brown Continues Growth of Leading Structured Finance Practice in Chicago and New York With Finance Duo from Kirkland & Ellis

Mayer Brown continues to expand its complex structured financing capabilities with the addition of two lawyers— Rudgee S. Charles and Jeff O’Connor —who have joined the firm’s Banking & Finance practice.

Finance Partner Christopher Lawrence Returns to Morgan Lewis

Bolstering the firm’s investment finance capabilities, including in private

placements and private credit, Morgan Lewis welcomes back Christopher Lawrence as a partner, who will be splitting his time between Morgan Lewis’s Hartford and New York offices.

Moritt Hock & Hamroff Continues Its Florida Growth by Adding Two New Attorneys

Moritt Hock & Hamroff announced the addition of two new attorneys to its Florida office, illustrating the firm’s continued commitment to growth in southeast Florida. Joseph F. Poklemba joins the firm’s Litigation Practice Group as senior counsel and Steven M. Bimston joins the firm’s Litigation and Creditors’ Rights, Restructuring & Bankruptcy Practice Groups as counsel.

NautaDutilh Appoints Eight New Partners

NautaDutilh is happy to announce the appointment of eight new partners as of April 1, 2025. These appointments further strengthen the firm’s position as a full-service law firm, with partners appointed across several teams.

The new partners are: Meliha Dacic – Banking – Luxembourg; Karel De Smet – Litigation – Brussels; Stef Feyen – Public & Regulatory – Brussels; Liza Gerritsen – Structured Finance –Amsterdam; Suzanne Kröner-Rosmalen – Corporate M&A – Amsterdam; Daniël Kuiper – Employment & Pensions –Amsterdam; Boudewijn Smit – Finance – New York and Roderick Watson –Financial Law – Amsterdam.

Quasar Capital Welcomes Rob Hydeman as President of Business Credit

Quasar Capital is proud to announce the addition of Rob Hydeman as president of Business Credit, a strategic leadership hire that marks a new chapter in Quasar Capital’s evolution as a premier provider of customized commercial finance solutions across the U.S. and Canada.

After Eight Decades, Rosenthal & Rosenthal Relaunches as Rosenthal Capital Group, Relocates New York Headquarters to Park Avenue

Rosenthal & Rosenthal announced that, going forward, the 87-year-old company will be doing business under a new moniker, Rosenthal Capital Group (RCG). The name change, refreshed branding and the New York headquarters move to Park Avenue all mark an important milestone in the company’s history, as the third and fourth generations of Rosenthal family leadership continue to evolve the firm to keep pace with an ever-changing global marketplace.

Jon Varkony and Justin Alexander Join SLR Business Credit

SLR Business Credit is pleased to announce that Jon Varkony and Justin Alexander have joined. Both have assumed the roles of vice president and account executive. SLR Business Credit’s newest team members bring extensive experience in asset-based lending, underwriting and portfolio management.

Brian Fahrney Begins Tenure as Sidley’s Executive Committee Chair

Sidley is pleased to announce that Brian Fahrney has begun his tenure as the firm’s Executive Committee Chair, and that he will continue serving on Sidley’s Management Committee.

SLR Credit Solutions Announces Promotion and New Employees

SLR Credit Solutions (“SLR CS”) announced a promotion and new hires to its team. These individuals will be key contributors to the organization allowing our business to deliver innovative secured debt financings across a wide range of industries including consumer/ retail, business services, specialty finance, and industrials.

David Storer is chief operating officer, and his responsibilities include go-tomarket strategy, investment committee, business development and general

operations.

Tanner Phifer has been promoted to senior managing director, head of Origination.

Cory Moore joined SLR CS from Wells Fargo in May as director in its Originations Group focusing on the Midwest region.

Solifi Appoints Mike Cagle as Chief Financial Officer

With over 20 years of experience in financial leadership and SaaS company management, Mike Cagle brings a great deal of knowledge and expertise to Solifi.

U.S. Bank Names Dan Son head of Working Capital Finance

Dan Son replaces Sam Philbrick, who is retiring after 45 years in banking, including 18 years at U.S. Bank in which he helped grow the asset-based finance business into a top national franchise. Son will be responsible for the development, coordination and delivery of working capital solutions from across the bank for clients.

US Capital Global Hires Jullion Taylor in North America to Support Strategic Expansion of the Group’s Miami Office US Capital Global announced the appointment of Jullion Taylor as vice president at its Miami office.

United Community Boosts Asset-Based Lending Team with Industry Veteran

Stacy Odendahl

United Community has strengthened its Asset-Based Lending (ABL) team with the addition of Stacy Odendahl as senior business development officer. Odendahl’s 16 years of experience sourcing new business across the Southeast and her customer-centric approach add significant depth and expertise to an already dynamic division, reinforcing United’s commitment to delivering tailored financial solutions.

Winston & Strawn Adds Transactions Partner Stanislav Kalminsky in Los Angeles

Stanislav (“Stan”) Kalminsky joins the Transactions Department where he will focus his practice on private equity, mergers and acquisitions, and general corporate and securities matters.

CELEBRATING THE FUTURE

Honoring SFNet’s 40 Under 40 Award Recipients

In today’s world of economic volatility, technological disruption, and global uncertainty, leadership matters more than ever. Our industry doesn’t just need talent — it needs bold thinkers, resilient leaders, and principled innovators who can lead through complexity and position us for what comes next.

When SFNet launched the 40 Under 40 Awards in 2016, our goal was clear: to identify and celebrate the rising stars who would drive our industry forward. That mission has only become more urgent in recent years. The challenges brought on by the pandemic, the evolving demands of the workforce, and a heightened need for innovation have reinforced the fact that our future depends on the strength of our people.

Each year, our 40 Under 40 Awards celebration in New York City brings together the best of both worlds: the trailblazers who are just beginning to make their mark, and the established leaders who continue to shape our field. It’s a unique gathering that underscores one of our greatest industry truths—secured finance is built to endure. It thrives in all conditions because of the caliber of talent in which we invest.

This year’s 40 Under 40 class represents the very best of that future. These individuals have demonstrated extraordinary drive, creativity, and leadership across a wide range of roles. They are problem-solvers and change-makers, trusted by their colleagues and respected by their peers. Their stories, highlighted in the pages ahead, offer a compelling snapshot of what’s possible when talent meets purpose.

Notably, their impact stretches beyond their professional roles. All are active contributors to SFNet—whether through chapter leadership, thought leadership, or committee involvement. And many are deeply engaged in their communities, dedicating their time to causes and organizations that reflect their values.

Selecting just 40 honorees this year was no easy task. I’d like to express appreciation to the 40 Under 40 judges whose commitment to the Next Generation is unparalleled: Jennifer Wallace of Wells Fargo Capital Finance, who served as chair; Paula Currie of PNC Business Credit; Doug Jung of Hilco Global; Jordan Klein of Winston & Strawn; David Kurzweil of Greenberg Traurig; and Caitlin Sanders of Callodine Commercial Finance.

On page 88, senior editor Eileen Wubbe catches up with past 40 Under 40 recipients and delves into how the Award affected their careers.

Five years after the COVID-19 lockdowns sparked a widespread shift to remote work, the secured finance industry is still exploring what “normal” looks like. On page 82, Meredith Carter speaks with leaders from across the sector, sharing candid insights on productivity, culture, hiring, training, and communication in a postpandemic world. From hybrid skeptics to fully remote advocates, their stories reveal the complexity—and opportunity—of evolving workplace models.

RICHARD D. GUMBRECHT SFNet Chief Executive Officer

In The Transformative Power of Servant Leadership in Modern Business on page 92, Vince Mancuso chronicles how servant leadership is reshaping today’s business world. This article explores the core principles behind this transformative approach, shares real-world examples from top companies, and reveals why prioritizing the growth and well-being of your team can unlock extraordinary results.

AI is rapidly reshaping commercial lending, but its path is anything but straightforward. From data challenges to regulatory hurdles, companies are navigating a complex landscape as they integrate machine learning into underwriting. On page 96 Brian Resutek of Republic Business Credit explores how institutions are embracing AI, balancing innovation with caution, and finding smart ways to stay competitive.

I look forward to honoring the SFNet 40 Under 40 Awards Class of 2025 at The Plaza Hotel on June 12 and facilitating their deepening engagement with the SFNet Community.

SFNET’S 40 UNDER 40 PROFILES

BUSINESS CONSULTING/TURNAROUND

EDWIN CLARK Director CR3 Partners, LLC

Edwin is a director with CR3 Partners, where he advises management teams and boards of directors on turning around and managing distressed companies. He has extensive experience in private equity and investment banking, with knowledge of principal investing and debt capital markets.

Edwin is a board member and current Programs Committee chair of the Turnaround Management Association (TMA) DFW and former board member and treasurer of the DFW Association of Young Bankruptcy Lawyers (DAYBL). He was the treasurer for the Center for French Colonial Studies, a nonproﬁt organization that is dedicated to the research and understanding of the Midwest’s French history and heritage.

While attending Southern Methodist University, Edwin served as treasurer of the American Association of Petroleum Geologists (AAPG), SMU chapter. In his spare time, Edwin is passionate about community involvement, serving as a volunteer at his church and daughter’s school, and serving meals to the homeless and at-risk community in Dallas. He coached YMCA soccer and basketball.

How did you get started in the industry? What drew you to it?

Shockingly, when I was in kindergarten, I did not say restructuring professional when asked what do I want to be when I grow up. Most folks, including myself, found our way into restructuring and turnaround by accident. My first brush with bankruptcy occurred when a portfolio company filed chapter 7. I began my career in finance and quickly realized I enjoyed working closely with management teams to find creative solutions. It is not just the thrill of the deal and negotiations, but savings jobs and companies that excites me.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Build trust and maintain it. Your reputation takes years to build and can be lost in minutes. You are going to make mistakes and the quicker you own up to and learn from your mistakes the better off you will be. It is also less painful to learn from other people’s mistakes so seek counsel from folks with more experience and scars to prove it.

What strategies do you employ for networking and building meaningful professional relationships?

I prefer to develop close and meaningful relationships by hosting one-on-one lunches and happy hours. I also enjoy networking through sports and activities. People like to do business with someone they like and trust. A shared activity creates a common bond, and that bond creates long-lasting friendships in the industry.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

My biggest passion in my life is my family. I often travel for

work and therefore time spent at home is a priority. Being involved with my daughter’s lacrosse and seeing her passion and development makes me so happy. I know if they are happy, then I can do the same for my clients. Part of my job is providing support to my clients, especially during difficult times. Their professional success directly affects the happiness of their families. I want for them the same joy I have in my life. Seeing my clients navigate difficult times and come out stronger gives me great satisfaction.

SFNET’S 40 UNDER 40 PROFILES

BUSINESS CONSULTING/TURNAROUND

GREG FRATTAROLI, MBA Senior Manager, North America Commercial & Industrial Operations

Gordon Brothers

Greg Frattaroli is senior manager, North America Commercial & Industrial Operations at Gordon Brothers where he supports clients in complex single and multi-asset distressed investments involving wholesale inventory, machinery and equipment, intellectual property and accounts receivable across all industries.

Greg has contributed to high-impact transactions across many sectors including ﬂoor covering, transportation, consumer electronics, material handling assets, sporting goods, furniture and outdoor play equipment where his eﬀorts transformed businesses to help sustain operations, repay creditors and preserve jobs. Prior to Gordon Brothers, he spent four years at Wells Fargo Equipment Finance, focusing on portfolio management and asset valuation.

Greg has a Bachelor of Business Administration from James Madison University and a Master of Business Administration from Boston University. Greg is actively involved in the industry and community, serving on the TMA Northeast NextGen Committee, the SFNet Mentorship Committee, and the Board of Advisors for Big Brothers Big Sisters of Eastern Massachusetts where he also contributes to the Finance & Audit and Program Innovation Committees.

How did you get started in the industry? What drew you to it?

I got my start in secured finance at Wells Fargo Equipment Finance, where I was drawn to the tangible nature of asset-based lending and the problem-solving mindset it requires. However, I’ve always found myself drawn to the relationships made during these transactions and over time I became interested in how capital can be deployed creatively to support businesses in transition, which naturally led me into the world of distressed investment and turnaround situations.

As a leader in the industry, how do you foster innovation within your team and company?

I encourage a collaborative approach that brings together people with different skill sets to challenge assumptions and uncover creative solutions. In distressed situations especially, we often must reimagine the path forward for a business, which requires fresh thinking and a willingness to move quickly with imperfect information.

What strategies do you employ for networking and building meaningful professional relationships?

I focus on showing up consistently, listening more than talking and following through. Whether it’s industry events, committee work, or informal catchups, building trust over time has been the foundation of my most valuable professional relationships.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I’m passionate about mentorship and youth development, which is why I’m involved with the SFNet Mentorship Committee and Big Brothers Big Sisters of Eastern Massachusetts. That work keeps me grounded and reminds me that long-term value, whether in people or in business, is built through steady investment, resilience and belief in potential. It feels great to help others as they work to better themselves

and it allows me to improve myself in the process.

I also moonlight as a stand-up comedian, which provides an outlet for my creativity and reminds myself to not take myself too seriously. This experience has been invaluable in the work environment as it’s always beneficial to build comfort talking in front of crowds and know a couple of good jokes, but also to focus on preparation and confidence when presenting ideas.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld?

Staying ahead in a fast-paced industry requires curiosity, adaptability and consistency. I make a habit of staying close to the deal process so that I can understand not just what worked, but why. Also, continuous learning, whether through formal education like my MBA program or peer collaboration with the strong programming coordinated by SFNet, helps me anticipate change. Most importantly, I try to surround myself with smart, driven people who challenge me to think differently, but share similar values like honesty, hard-work and integrity. Having a strong network and team sharpens my perspective and pushes me to keep improving.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

Over the next 5 to 10 years, advancements in technology will continue to streamline underwriting, valuation, and deal execution making transactions faster and more data driven. As efficiency improves, differentiation will hinge more on trust, relationships and the ability to navigate complexity. Professionals should focus on building strong networks, staying adaptable and understanding how tech can enhance judgment and experience. Human insight, especially in distressed or nuanced deals, will remain a critical competitive edge.

SFNET’S 40 UNDER 40 PROFILES

BUSINESS CONSULTING/TURNAROUND

ROB ROSSITER Director

Harney Partners

Rob is a director at Harney Partners, where he focuses on turnaround & restructuring, bankruptcy advisory, and distressed M&A. His recent engagements include serving as interim VP of Operations for a $170 million medical diagnostic lab in receivership, where he led a 70-person operations and sales team; executing an Article 9 sale of a $50 million automotive parts distributor, resulting in full recovery for the secured lender; and leading critical aspects of Roti Mediterranean’s Chapter 11 case as bankruptcy advisor, playing a key role on the team recognized with the M&A Advisor’s “Section 363 Sale of the Year (Under $100MM)” award.

Prior to joining Harney Partners, Rob held commercial lending roles in due diligence, portfolio management, and underwriting. He started his ﬁnance career at Ford Motor Company, completing their ﬁnance rotation program.

Rob currently serves as co-chair of the SFNet Midwest Education Committee and has also performed pro-bono work in his free time, most notably as a ﬁnancial advisor for a freight brokerage ﬁrm on the south side of Chicago.

How did you get started in the industry? What drew you to it?

I was drawn to the dynamic, deal-driven nature of secured finance and the opportunity to work across a wide range of businesses. I began my secured finance career conducting lender due diligence and field exams for asset-based loans, gaining exposure to how credit decisions are made and deals are structured. That experience opened the door to a role at an alternative lender, where I underwrote and structured new loans while managing an active portfolio. I really enjoyed the fast pace, analytical rigor, and client interaction across industries.

Paired with my earlier Fortune 500 FP&A experience, this path positioned me to transition into turnaround & restructuring. In my current role at Harney Partners, I advise on turnarounds, bankruptcies, debt raises, and M&A transactions—often alongside some of the top lenders, attorneys, and advisors in the field. The variety of situations we handle in this industry makes the work both engaging and consistently challenging.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated?

One of the biggest challenges in secured finance today is navigating how to use AI to improve efficiency without compromising client data. Many tools offer ways to speed up analysis, but applying them to sensitive client information raises legal and compliance concerns. While third-party platforms may claim to follow strong security standards, there’s still uncertainty around how client data is handled and whether those safeguards are sufficient. In the short term, firms can reduce risk by testing tools with “dummy” data and cross-checking results, or scrubbing data on a preliminary basis to remove any identifiable information. Long term, those who find practical, secure ways to integrate AI into their workflows will set themselves apart.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

Liability management exercises (LMEs) are a fascinating set of restructuring tools that have become more mainstream in recent years. I think elevated market liquidity and the high-interest rate environment made lenders more willing to accept weaker loan terms on the front end, while also leading to more LME structures on the back end. It remains to be seen whether this trend will continue or if new strategies will emerge to help lenders better protect their collateral positions.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

For those looking to enter the field, know that there isn’t one set pathway to getting here. Many professionals in secured finance come from diverse backgrounds with a broad range of experiences. If you are not able to get a direct role immediately, focus on gaining relatable experience in other areas.

For those who recently entered secured finance, know that our industry requires a very structured, data-driven mindset, but it is very easy to get bogged down in the details and lose sight of the bigger picture. One way to avoid this is by building relationships across the industry, especially with professionals outside your immediate area of focus. If you’re a portfolio manager, connect with an insolvency attorney; if you’re in loan originations, get to know someone in turnaround consulting. These relationships not only expand your network but also expose you to different perspectives, helping you see beyond your day-to-day work and think more broadly about the deals and businesses you’re supporting.

Rob

Rossiter Director, Harney Partners

We are proud to celebrate Rob and the next generation of leaders that are making an impact across the secured finance industry.

Turnaround & Restructuring | Bankruptcy Advisory | Fiduciary Services

Process & Operations | Investment Banking by Harney Capital | Forensics & Litigation Services

SFN et 2025 40/40

SFNET’S 40 UNDER 40 PROFILES BUSINESS DEVELOPMENT

NOLAN REICHERT Vice President, Head of Originations Haversine Funding

Nolan Reichert is the vice president, head of originations at Haversine Funding, where he leads the firm’s origination efforts, expanding lender finance partnerships and growing portfolios. He plays a key role in developing and scaling an origination platform that enhances value for Haversine’s clients.

In addition to his leadership role, Nolan is the host of “In Focus with Haversine Funding,” a podcast dedicated to exploring insights, trends, and strategies that drive success in specialty ﬁnance.

Prior to joining Haversine, Nolan was with RTS Financial, where he managed a sales team. He began his career as a business development officer at Allied Affiliated Funding in 2011.

He began his college education at Texas A&M University before transferring to the University of Texas at Dallas.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

We’re in a transformative era for secured finance. Over the next 5 to 10 years, I expect continued blurring of lines between traditional lenders, fintechs, and private capital providers. The rise of nonbank lending will continue, and more capital will flow into niche lending strategies as investors seek yield and downside protection. We’ll likely see broader adoption of hybrid lending models and more data-driven credit underwriting.

Another trend to watch is regulatory evolution, especially as private credit becomes more prominent. The industry will need to be proactive, not reactive, to shifts in oversight. ESG (Environmental, Social, and Governance) considerations are also going to play a bigger role in how capital is allocated.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Technology is already reshaping how secured finance operates, though the adoption curve varies across firms. AI is being used to accelerate underwriting, improve portfolio monitoring, and identify risk patterns earlier. Meanwhile, blockchain remains more of a long-term disruptor, with potential for things like digital collateral registries and real-time payment tracking.

Looking ahead, we should expect technology to serve less as a replacement and more as an enabler. As more data becomes available, tools that synthesize and interpret that data quickly will become essential. That said, secured finance still heavily relies on trust and relationships, which technology will augment but not replace.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

First, stay curious. This is an industry where no two deals are exactly alike, so a genuine interest in learning will serve you well. Get comfortable with ambiguity and embrace problem-solving. Second, develop your network early and authentically—relationships are currency in secured finance. People do business with those they trust, and that trust is built over time.

Also, find mentors who challenge and support you. The best professionals I know didn’t just master technical skills—they also sought feedback, asked smart questions, and put themselves in rooms where they could learn. Finally, remember that this field rewards patience and long-term thinking. If you do the right things consistently, the results will follow.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

Outside of work, my greatest passion is my family—my partner and our two children. They ground me and provide daily motivation to pursue excellence, not just professionally, but personally. The time I spend with them reminds me of what truly matters and helps me keep perspective, especially in an industry as fast-paced and demanding as secured finance.

Having a young family has also shaped the way I lead and make decisions. I’ve become more intentional with my time, more empathetic in my interactions, and more focused on building a lasting impact. In a field where it’s easy to get caught up in numbers and deadlines, my family helps me bring a human element to every relationship and transaction. They’re my why—and that clarity of purpose helps me show up better for clients, colleagues, and partners.

SFNET’S 40 UNDER 40 PROFILES

BUSINESS DEVELOPMENT

JESSE BAER

Senior Vice President, Business Development

nFusion Capital

Jesse Baer is a senior vice president of nFusion Capital, responsible for receivables purchasing and loan originations and developing client and referral relationships across the United States. In structuring asset-based lending and factoring solutions uniquely suited to each client’s business and situational needs, Baer draws upon experience in the construction, lender ﬁnance, manufacturing, consumer products, and oil and gas industries. For ﬂedging through established cannabis enterprises, Baer brings an understanding of the nuances of the industry and works with owners, management teams, and their sponsors to structure transactions to support growth. He is based in nFusion Capital’s Denver office.

Prior to joining nFusion, Baer was a vice president of business development at Siena Lending Group and a director of business development at Stabilis Capital Management, where he developed a strong referral network and a reputation for shepherding transactions to closing. He holds dual Bachelor of Arts degrees from Lafayette College in Pennsylvania.

How did you get started in the industry? What drew you to it?

I started as a 19-year-old intern making cold calls for a commercial real estate lender, which led to a job offer in the asset-based lending industry. I was interested in learning more about the ABL industry and the businesses it serves, so I jumped at the opportunity. I found that I enjoyed helping companies that are facing dynamic business challenges to determine their optimal capital structure. I learned something new with each ABL transaction, and the work was fulfilling.

As a leader in the industry, how do you foster innovation within your team and company?

When I came to nFusion, I was lucky to work under Jason Lippman’s tutelage. One of the things I value most at nFusion is Jason’s entrepreneurial approach to lending. If I believed in a deal that might fall somewhat outside our credit box, he would hear me out about the benefits and risks of a transaction. I have tried to bring that takea-calculated-risk mindset forward to continue fostering innovation with my team. We have grown by taking smart risks on transactions that require careful consideration and input from the larger team, but these turned out to be excellent choices, over and over again.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Your path doesn’t have to be the conventional one just because you majored in a particular field of study in college, or you lack skills for a new role. You can succeed if you work hard in the right environment with the right mentor and are willing to learn. Keep an open mind for opportunities that might not be an obvious choice.

How do you think collaboration between different sectors (e.g., ﬁntech, traditional banking, private equity) will shape the future of secured ﬁnance?

The collaborative relationships I build with other nonbank lenders, private equity investors, and traditional bankers are the best way to build a successful network. The continuous element of two-way referrals based on trust is essential. As salespeople, we often do not reach out to CEOs directly. It is only through the trust and referrals of the people in my network–who are all committed to finding the best possible home for each client–that we succeed.

What strategies do you employ for networking and building meaningful professional relationships?

There are two crucial things. First, do not underestimate the value of showing up at industry events or for your clients daily. If you remain open and available to anyone who wants to speak with you, it’s incredible how many doors will open for you. Second, I have learned that casting a wide net is less effective than showing the people most important to you how much they mean to you and what a difference they make. Just being yourself engenders a sense of loyalty and repeat business that is more fruitful than trying to be known by everyone.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance. I am obsessed with music and how it all fits together, and I am a semi-professional DJ. I love seeking out commonalities from song to song, understanding how each is built, and figuring out how they fit together in interesting ways that can lead to a more exciting audience experience. I think that having the same eye for details and piecing disparate items together feeds into how I problem-solve in the ABL world and helps me create unique solutions.

SFNET’S 40 UNDER 40 PROFILES BUSINESS DEVELOPMENT

JEFFREY AUSTIN

SVP, Business Development

SLR Digital Finance and SLR Business Credit

Jeffrey Austin is a rising star in New York’s secured finance and lending landscape. He is a senior vice president of business development for SLR Digital Finance and SLR Business Credit, a leading provider of asset-based lending solutions for lower and middle-market digital media and C&I companies. Jeffrey plays a significant role in driving the company’s growth across commercial banking relationships, venture capital and venture debt funds as well as other partnerships. He is the Young Professional chair of the SFNet New York Chapter, hosting frequent networking events in NYC to foster relationships across the secured finance industry. Additionally, he is an active member of the Turnaround Management Association (TMA) and the New York Institute of Credit (NYIC). Jeffrey is a graduate of the University of California Santa Barbara and a San Diego native.

How did you get started in the industry? What drew you to it?

I got started in secured finance through a combination of interest in structured lending and a desire to work in a fast-paced, dynamic environment. My first job in the industry was inside sales at a fintech factoring company that provided working capital solutions to digital media businesses. What specifically drew me to working with digital media companies was the unique nature of their assets and revenue models. Most media and ad tech companies fall outside traditional ABL models at banks given slower paying AR and unique payment dynamics from the advertiser down to the supplier. Structuring creative financing solutions in this space requires a deep understanding of both the companies themselves and the broader market forces shaping the industry. I thrive in the challenge of assessing risk, structuring deals, and building relationships with clients who are driving innovation. Every deal is different, and the ability to provide liquidity and working capital to businesses at crucial moments makes the work both engaging and rewarding. It’s an exciting space, and I look forward to continuing to grow within it.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

For young professionals looking to build a successful career in secured finance, my biggest advice is to develop both a strong technical and credit foundation and a deep understanding of the industries you’re financing. Secured lending is all about structuring deals that mitigate risk while providing businesses with the capital they need to grow. That requires a solid grasp of credit, the collateral you’re lending on, and financial modeling—skills that will set you apart early on.

Equally important is developing strong relationships. Finance is a relationship-driven industry, and whether you’re working with borrowers or referral partners, your ability to communicate effectively and build trust will be key to long-term success. Seek out

mentors, ask thoughtful questions, and take the initiative to learn from experienced colleagues.

Another critical skill is adaptability. Every deal is different, and industries evolve quickly—especially in spaces like digital media, where advertising strategy and capital shift constantly with marketer demands. Stay curious, keep learning, and be open to new structures and strategies.

Finally, be proactive. Whether it’s taking on additional responsibilities, networking, or staying updated on market trends, the more initiative you show, the more opportunities you’ll create for yourself in this competitive and rewarding field.

What strategies do you employ for networking and building meaningful professional relationships?

Networking and building meaningful professional relationships in secured finance requires a combination of strategic outreach, genuine engagement, and long-term relationship management.

One of the key strategies I use is being intentional with networking. Before each conference or event, I review attendee lists and reference prior notes I’ve taken on various folks and firms in attendance, so I’m prepared when I see them in person. Rather than just collecting contacts, I prioritize meaningful conversations with colleagues and reference recent deals their firms won, tidbits from prior conversations, etc. Whether it’s industry peers, clients, or senior colleagues, I aim to add value to the relationship rather than just seeking something in return.

I also emphasize consistency in relationship-building. A single meeting or email isn’t enough to create a lasting connection. I make it a habit to follow up soon after industry events, schedule periodic catch-ups, and invite them to SFNet events I’m organizing in New York City. Staying engaged helps keep relationships active and fosters trust over time.

JEFF AUSTIN

SLR DIGITAL FINANCE AND SLR BUSINESS CREDIT is pro ud that our colleague has been selected as an SFNet 40 Under 40 Award winner.

Jeff Austin is in our business development team and based in New Yo rk Cit y. He is with our SLR Digital Finance team and specializes in financing Adtech and digital media businesses. His specialty has in no way inhibited his ef orts in selling other ABL and factoring products. His territory is throughout the United States, and we are privileged to have Jeff as a colleague.

Our best wishes to all 40 Under 40 re c ipients.

SFNET’S 40 UNDER 40 PROFILES BUSINESS DEVELOPMENT

BRIAN DOWD Senior Vice President

Tradewind Finance

Brian Dowd is the senior vice president at Tradewind Finance, a global trade finance firm offering working capital solutions for importers and exporters worldwide. Brian has over 10 years of experience providing financing for small, mid-sized and large multinational companies involved in international trade. Throughout his career, Brian has honed an expertise in export factoring and supply chain finance, structuring credit facilities that improve liquidity and facilitate international growth for businesses worldwide across a wide range of industries.

Currently, Brian leads a sales & business development team focused on sourcing & structuring new business opportunities in the USA, Mexico, Central America and South America. His career in trade finance has brought him all over the globe where he has had the opportunity to see different cultures, businesses and global trade up close. Brian stays active in industry events and conversations, participating on panels covering various topics in trade and finance. He is excited to help oversee Tradewind’s ongoing growth in the Americas and is always open to talk about opportunities for financing a client’s international needs, which Tradewind can support.

How did you get started in the industry? What drew you to it?

I would say the internship I held senior year of college was really my door into the world of international business and trade finance.

At the time, I interned at an international commercial finance firm in New York, and it was my experience there that made me realize trade finance is something I wanted to keep pursuing in my career. I was fortunate to be able to work in different departments as an intern, including in the underwriting department, but I found my niche was in business development and sales.

This career path wasn’t something I originally had on my radar. I was a finance student in college and studied quantitative statistics and modeling. So, my thought was to become a financial analyst at one of the big banks. But I’m glad my “real world” experience paid off and happened to guide me to where I am today.

As I kept learning the ins-and-outs of trade and the finance component of it, it was really full steam ahead for me in the industry. Early on, I did a lot of travelling to different countries to see manufacturing facilities and meet with business owners to understand their unique working capital needs.

I’ve now been at Tradewind for nearly a decade and the excitement of working with new and legacy clients – and finding the right financing solution for them even in evolving times – hasn’t faded. This excitement is what drew me to trade finance initially and is what still draws me to it today.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

I’m a big believer in what Wayne Gretzky once said –”You miss 100% of the shots you don’t take” – so be willing to take risks. And I mean this in a lot of different respects. You should be willing to advocate for an idea, strategy, or business partnership that you think can be successful. And most importantly, learn & grow from the good and bad

experiences.

Hopefully, it works out, but if you do fail at first, that’s OK too. Because your next attempt will only be better and more likely to hit.

On that same note, I encourage young professionals to be confident in their abilities and decision-making skills. Secured finance is fast moving and you’re not going to have time to second guess yourself at every turn. As you take on more responsibilities and graduate to more senior roles, your team is going to rely on you for answers, guidance and judgement calls, so believe in yourself and use what you know to make informed decisions. If you don’t know something, say if it’s related to a legal aspect of the financing arrangement, then ask your in-house lawyer.

Deal making and structuring financing lines are also timesensitive; you don’t want to lose out on a business opportunity because you stalled. And you don’t want to waste valuable time on opportunities that aren’t the right fit. Your customers expect this same responsiveness and fast turnaround too, so it’s important to remain focused and solutions-oriented.

Lastly, stay up to speed on market trends and remember to keep in touch with your connections inside and out of the industry. Things like AI are being increasingly integrated into finance, and it’s up to us to adapt to the changing times and use these new technologies to our benefit.

It’s always good to catch up with peers, even if it’s a quick call or sending them an email to say hello. Who knows? Maybe there’s business opportunity or a referral that you can work on together.

Join

Registration

BUSINESS DEVELOPMENT

DOUGLAS J. MEYER

Regional President, New York City Commercial Banking Valley Bank

Douglas Meyer is regional president of New York Commercial Banking at Valley Bank. In this capacity, he is responsible for executing Valley Bank’s ambitious strategic goals in the commercial and industrial space. He previously served as national head of Valley’s Specialty Finance Group (focusing on Non-Bank Financial Institutions and Commodity Trade Finance) and regional president of Corporate Banking for New York City. A seasoned banker with over 20 years of experience, Douglas has worked in several areas of banking including Large Corporate, Middle Market, and Business Banking. He began his career as a teller while attending St. Dominic High School in Oyster Bay, NY, and has since held leadership positions in credit and sales at Santander Bank and Valley Bank.

An active member in the not-for-proﬁt community, Douglas has served in various capacities for organizations such as The Water Collective (Chairman 2015-2019), Queens Centers for Progress (Man of the Year 2018), and Northwell Health (New Leadership Council). He earned his B.S. in business administration from St. Joseph’s University New York.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Always be inquisitive. Consume as much information as you possibly can, always take the honorable route, and ask as many questions as you can. It’s not about knowing everything all at once, but having the confidence to be vulnerable and seeking knowledge and clarity. Always raise your hand to fill gaps at work, especially when you’re just starting out. Helping to solve problems by filling gaps within your institution will inevitably set you apart from your peers.

What strategies do you employ for networking and building meaningful professional relationships?

One of the most important things you can do is surround yourself with individuals of high moral and mental qualities; those that are ambitious and disciplined, but also know how to have a great time. Breaking the proverbial ice and taking a genuine interest in someone else can seem daunting. One of the ways I dive deeper into relationships is to keep asking questions about someone’s professional and personal interests – basically finding common ground. Relationships aren’t transactional, they require consistent long-term nurturing. You need to invest in relationships over long periods of time and that doesn’t always mean there will be a financial reward at the end. My most important professional relationships are based on trust and sharing knowledge, celebrating each other’s success and working through tough times.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld?

I’ve always known I wanted to work in finance, so I have been able to remain focused on my career goals and celebrate my

milestones over the years. My career has never just been about a point in time, but the long view of what I want to accomplish 5, 10, or even 20+ years out professionally and personally. I regularly set and reset ambitious goals for myself. Relationships, both internal and external, are critically important and have played valuable roles in my career journey. Last but not least, I’ve never assumed that my leadership team knows what I want my career to be or what I want to accomplish. I’ve always been transparent and respectful of others when balancing my own ambitions and goals. At the end of the day, I’m the one responsible for my career so I never take opportunities for granted.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

These days, being present as often as possible with my family – my wife, son, and daughter – is the most important thing to me. That said, I’ve always had a healthy range of interests to occupy my spare time – seeing live music, reading, movies, video games, sci-fi/ fantasy, history, philosophy, comedy, etc. – that have allowed me to connect with a wide range of individuals. Finding common ground with someone I’ve just met helps build rapport and potentially lead to more meaningful connections. This is especially important in sales where you want to be viewed as reliable and trustworthy.

CONGRATULATIONS DOUGLAS MEYER

Congratulations Douglas, Regional President of New York Commercial Banking, for being honored in the Secured Finance Network’s 40 Under 40.

Thank you for your continued commitment to your clients, colleagues, and the community. We’re proud to have you on Team Valley.

Valley Bank would like to congratulate all the exceptional honorees recognized in this issue.

SFNET’S 40 UNDER 40 PROFILES

BUSINESS DEVELOPMENT

TONY PENA Vice President, ABL Originations Truist

Tony Pena is a vice president on the originations team in Truist’s Asset Based Lending group. Tony supports ABL originations coverage of large corporate and sponsor-backed companies and is currently focused on the industrials, healthcare, beverage, lender ﬁnance, and technology industries.

Tony joined Truist in 2021 as a senior analyst. Throughout his time at Truist, his responsibilities have spanned across the originations, syndications, and underwriting functions of the ABL platform. Prior to joining Truist, Tony worked at Wells Fargo from 2018 to 2021 on the ABL portfolio management team, completing the formal two-year credit analyst training program during his tenure. During his time at Wells Fargo, he assisted in the management of an approximately $2 billion ABL loan portfolio consisting of 30+ credit facilities to both privately held and sponsor-backed middle market companies across a diverse set of industries.

Tony holds a Bachelor of Arts in economics from The University of Georgia. He resides in Woodstock, Georgia with his wife, Lucy, and his son, Luca.

How did you get started in the industry? What drew you to it?

My first job out of college was in internal audit consulting –primarily engaged by community banks and credit unions to supplement their internal audit function and perform work required to meet regulatory standards these institutions are subjected to. Part of the role was to audit commercial loan files for compliance with certain regulatory requirements. In this capacity, I would read underwriting memos and became very interested in the analysis involved in a typical commercial loan underwriting package. I then started to pursue commercial lending roles until eventually landing in ABL at Wells Fargo.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Be engaged with your work, ask questions early on and learn from your mistakes. Pay attention to detail and get the easy stuff right so you and the team can spend more time on the more complex parts of deals and analysis. Skillsets are learned and refined over time so long as you stay engaged in your work and don’t take shortcuts.

In addition to refining your skillset, finding ways to connect with team members beyond just producing work deliverables is key, but it requires a level of intentionality. That sometimes means being in the office more than you want to, going to the happy hour event even if that means having to get up a bit earlier the next day to catch up on work, and other small sacrifices that may be inconvenient at times. However, the institutions I have worked for have all been very collaborative environments and having relationships with the folks that you are in the trenches with can result in positive outcomes.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I am a big family person – I try to prioritize spending time with my family as much as I can. Additionally, as my wife and I have been together since high school, we’ve known the majority of our collective friend group for several years at this point. That said, with the fast-paced nature of the industry, it is oftentimes critical to stay as engaged as possible around the clock on time sensitive deal activity. During times between deals or during slower periods of activity, I’ve found it beneficial in the long term to find ways to invest in my own wellbeing – eating healthy, exercise, touch grass. Making sure you’re in the right spot mentally, and in your personal life, so that when the next deal or deliverable shows up, you’re able to dedicate your energy to execute. For me personally, that means spending quality time with family and friends and exercising when I have time. It has also meant learning to lean on others for support when I need it.

SFN et 2025 40/40

SFNET’S 40 UNDER 40 PROFILES BUSINESS DEVELOPMENT

WESLEY E. SHAW, CFA Managing Director, Asset Based Lending Originations

Wells Fargo Capital Finance

Wesley E. Shaw is a managing director with Wells Fargo Capital Finance’s Asset Based Lending Group, which provides credit solutions ranging from $10 million to greater than $1 billion. Based in Dallas, he is responsible for originating asset-based loans for privately held and sponsor-backed companies in Texas, Oklahoma, Louisiana, Arkansas, and New Mexico. Wes joined Wells Fargo in 2011 through Wells Fargo’s analyst program. Prior to transitioning to Wells Fargo Capital Finance, Wes spent nine years in various roles with Wells Fargo’s Commercial Bank. Wes earned his B.A. in ﬁnance from Texas Christian University. Wes and his wife, Mary, live in Dallas, TX and they have three children, Ella (5), Jack (3), and Reagan (1).

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

While traditionally a sector that is slower to adapt to technology, I am confident that we will begin to see a real impact on the secured finance industry’s efficiency due to accelerated adaptation and implementation. Obviously, there is a ton of low-hanging fruit on the consumer side of the house to improve efficiency and make more informed credit decisions, but on the corporate side of the house, those same operational gains are equally as prolific. The relationships with clients will remain crucial to a lender’s success, but I expect that bankers will have more tools to be better informed, organized, and ultimately increase their efficiency.

AI is not only creating opportunities for companies to be smarter and more efficient, but the opportunities for asset-based lenders to support the power needs of data centers continues to grow rapidly. The load demands of new data centers often aren’t something the grid can readily support and therefore mobile power solutions are often the next best solution. To give a sense of the power need over the coming years, Microsoft has committed to take all the power generated once Three Mile Island Nuclear plant restarts. Restarting nuclear sites or building new power plants takes time, but the need to support the data center demand is now.

As a leader in the industry, how do you foster innovation within your team and company?

I’ve had the benefit of working with some very high-caliber teams at Wells Fargo and leaders who foster the best in their people. By our nature, the origination team is highly competitive and constantly striving to win. What is unique is that our team has created a respectful and caring culture while staying competitive, which has led to strong performance in our group.

We aren’t creating the new iPhone at WFCF, but we have recently dipped our toes in a few sectors we previously stayed away from lending to. Our ability to reframe our strategy was predicated on strong industry knowledge and the ability to cohesively articulate the risk profile.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Regardless of the profession and or seniority, I believe all professionals should have a voracious appetite to learn. The amount of information available through books, podcasts, conferences, newspapers, trade magazines like The Secured Lender, or social media is immense. If you think about some of the great leaders and investors, almost all had one thing in common – a constant pursuit of knowledge.

Something that I also encourage our younger colleagues to do is seek out and do the things they don’t want to do. We all have things that we don’t want to do, but it is my firm belief that doing the things we don’t enjoy builds willpower and motivation. Just like many folks don’t want to wake up early to workout, the outcome usually outweighs the displeasure of waking up early. I am of the firm belief that willpower and motivation make us better in all facets of life and, ultimately, lead to high performance in any role. Recent neuroscience studies have validated this dynamic. I’d encourage anyone to read about the positive impact of doing difficult or challenging tasks on the anterior midcingulate cortex in the brain and how this area of the brain impacts motivation and willpower.

SFNET’S 40 UNDER 40 PROFILES

EXTERNAL FIELD EXAM

BUCHA Managing Director Hilco Diligence Services

Mike is a seasoned professional with over a decade of experience in the ﬁnancial industry. As a managing director at Hilco, he brings a wealth of expertise to the table. Before joining Hilco, Mike had stints at JPMorgan and Deloitte after obtaining his MBA from the University of Scranton.

Mike has personally conducted hundreds of ABL (Asset-Based Lending) ﬁeld exams. His extensive background spans various sectors, including C&I, Retail/Consumer Goods, and rental equipment ﬁrms. He also specializes in large-cap fallen angels navigating bankruptcy proceedings.

Mike’s work has taken him across borders. He has spent signiﬁcant time in Australia, New Zealand, the UK, and ABL-friendly jurisdictions in the EU and Mexico.

Mike fosters strong relationships with clients, including lenders, debt advisors, private equity sponsors, and direct-hire entities. He provides pre-diligence and post-diligence guidance, particularly in connecting the results of his work to the relevant capital market execution objectives. He works hard to meet accelerated deadlines. His expertise extends to structuring asset-based revolvers, FILOs, and related ﬁnancial instruments.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

A great career in secured finance can start with field exam. In field exam, the first step for young professionals looking to build a successful career is to understand the “why” of what lenders are looking for when evaluating a borrowing base and potential credit risks associated with it. Doing so requires gaining hands on experience that will enhance your understanding of the ABL engagement process. Key to this include:

Developing strong analytical skills while evaluating the collateral values. Start with the basics and grow to learn the unique subjects.

Developing effective communication skills to articulate your thoughts concisely during conversations with company management or lenders.

Establishing connections with industry professionals to create a solid network are imperative for growth.

Be a sponge. Pay attention to other parts of the engagement on different credit sections that you may not be staffed on to learn and understand what they are. Listen to the questions your colleague is asking and the lender is asking to understand the “why” that was previously mentioned. Additionally, when there are other engagements with different collateral criteria, different financial instruments being utilized, or different industries, don’t be afraid to listen in and ask questions to your colleagues even when you are not staffed on the engagement.

These skills will help build you a successful career as you will be delivering accurate, timely, and clear deliverables to lenders to assist them in making credit decisions.

As a leader in the industry, how do you foster innovation within your team and company?

No team or individual is perfect and looking for constant improvement

through innovation is imperative. In order to do this, there needs to be an environment that is not only open to innovation, but seeks it. For this to occur:

Creating this culture empowers the team to seek out ways for innovation for things that are internal, such as process and deliverable improvements, but also external such as assisting lenders in unique ways to construct their financial instruments.

Promoting an environment where individuals are recognized and rewarded for their innovation when they have thought outside the box and added value is great for the overall team growth. Everyone has a ton going on, but something as simple as telling your colleague “great work”, taking them out to lunch, or even an early promotion goes a long way.

It’s important not to stay static. Staying on top of the ever-changing news in the financial markets and how it can impact both current lenders as well as prospective lenders is very important. Additionally, continuous learning is needed. Creating internal learning sessions throughout the year to the team and different groups within the company to share subject matter knowledge on various collateral components, industry specific information, or lender preferences is important in our field so the entire team continues to have these subjects fresh in their mind.

Ultimately, sharing with the team the subject matter knowledge I have from the various engagements I work on, the conversations with C-Suite and lenders, as well as industry/conference and event dialogue is imperative for this innovation and growth. As the culture is set up so that the team is now open to the innovation, it’s efficient and imperative to pass off this knowledge to help the team and the overall company.

MIKE

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SFNET’S 40 UNDER 40 PROFILES

EXTERNAL FIELD EXAM

VIANA STANLEY VP and Field Exam Supervisor PNC Bank

Viana Stanley is a VP and ﬁeld exam supervisor at PNC Bank Field Exam Department. Since joining the bank in 2015, Viana has been a key member of the PNC Field Exam Team, where she has taken on leadership roles to lead complex deals within the department including training of interns and new hires. Viana was a PNCs 2024 C&IB Service Excellence Award winner.

Viana earned her Bachelor of Science in accounting from the University of Arkansas at Pine Bluff, where she graduated magna cum laude and finished at the top of her class for her major. Viana also earned her Master of Accounting and financial management from Keller Graduate School of Management of DeVry University.

Prior to joining PNC in 2015, Viana tutored at the University of Arkansas at Pine Bluﬀ, interned at the City of Pine Bluﬀ and worked as business analyst for Novasys Health. She also worked as a corporate trust operations specialist at Bank of the Ozarks.

Outside work, Viana takes pleasure in supporting charitable causes and individuals in her local community and beyond, and loves traveling around world.

How did you get started in the industry? What you drew you to it?

My introduction to the ABL industry is what I would call divine intervention. Being from Arkansas, I had never heard of PNC Bank, much less what a field examiner was. I was ready for change and relocating to Dallas, TX was the goal. What I initially thought would just be a job opportunity to help me with a fresh start in a new city, ultimately turned into a career that has blossomed into more than I could’ve imagined. What has kept me in the industry is the consistent opportunity to learn new things. Though the basis of each field exam is mostly the same, every company operates or records to their books differently. Exposure into different types of industries some of our Borrowers operate in allows me to continue adding on to the knowledge obtained within my nearly 10-year tenure in ABL.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Do not be afraid to ask questions, follow-up questions, and even clarification questions to be sure you are comprehending the tasks assigned to you. Additionally, take thorough notes when learning, but in a manner that makes sense to you when applying it to applicable tasks. This is a very important aspect to carry in your career, as there will likely come a time when you’re solely responsible for completing an assignment. If all of your notes are written from the perspective of the teacher, but no bullet points that stick out specifically to your way of learning, you will likely spend unnecessary time completing that assignment. Depending on the profession you are in, the luxury of time is not always on your side. Therefore, be intentional with note taking that’s most beneficial to you. Utilize your network to your advantage. There will always be someone who’s ready and willing to share their experiences and knowledge that will likely help you as you build up your confidence. Lastly, give yourself grace! Learning new things won’t always be instant but know that you are capable of being successful.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I am most passionate about traveling the world, as well as studying in the stock market. Sharpening my economic skills gives me an idea of the types of industries that may be affected by industry-specific or world events, which may lead to new prospects in need of a business loan to maintain operations.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated?

One of the biggest challenges I believe secured finance professionals are facing is balancing out the knowledge obtained in previous years, while also evolving with some of the world changes that may affect the secured finance industry. I believe they can be mitigated by focusing on the information as it comes in specific to your profession and not overload yourself with too much information that won’t be beneficial to you in the future. Also, continue to self-educate yourself a little at a time by reading articles, books, etc.

Shining a spotlight on brilliance.

We’re proud of your brilliant achievement. At PNC Business Credit, steady and dependable leadership is the foundation of making a meaningful impact. SFNet's 40 Under 40 Awards honor emerging young professionals who are making an impact and exemplifying excellence in the secured finance industry. Thank you, Viana Stanley and Katherine Nowesnick, for all that you do. pnc.com/donedeal

Katherine

Viana Stanley VP, Field Exam Supervisor

Business Credit

SFNET’S 40 UNDER 40 PROFILES INVESTMENT BANKER/ADVISOR

MATTHEW HINDERS

Asset Based Lending

Originator

Texas Capital

M

att Hinders in an ABL originator at Texas Capital Bank. In this role, he is responsible for sourcing and structuring ABL transactions and leading deal teams through the execution process. His work varies widely by industry and client type and involves partnering with his colleagues at Texas Capital as well as private equity ﬁrms and investment banks.

Before joining Texas Capital, Matt worked at Sixth Street Partners on the Financial Planning and Strategy team where he provided analytics to the partner group to support long-term decision making. He began his career at JPMorgan Chase, working in leveraged ﬁnance, middle market banking and credit training roles.

Matt lives with his wife and three children in Dallas, Texas. He is an active member of Secured Finance Network and Ibex Club, an organization focused on building social connections, fostering leadership, and serving the local community. He also coaches his sons’ baseball teams and is an avid golfer and hunter. Matt graduated from Baylor University in 2011 with a BBA in ﬁnance and economics.

How did you get started in the industry? What you drew you to it?

I was looking for a new job and a former colleague of mine said I would like Chris Capriotti and Jeff Tompkins, the guys who run ABL at Texas Capital. Turns out she was right. Also, the style of lending suits me. Depending on the transaction, there are so many levers you can pull to solve the client’s problem and still stay “in position” as secured lender.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years?

I think we will see alternative asset managers compete more with traditional banks on loan pricing. The risk-adjusted returns of ABL are very good, and private lenders that have access to LPs with excess capital may accept the lower returns of bankable deals because the risk/return profile is still on the “efficient frontier” of the investment landscape.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated?

The ABL structure is in high demand, and banks and borrowers both want more of it. But it’s not the easiest credit product to scale because structures are bespoke for each transaction and require excellent portfolio management. When you combine that with a talent pool that’s in transition, it will be interesting to see how the industry meets the moment. I also worry about not having enough experienced portfolio managers for the next serious economic downturn. Covid was a pop quiz, but most of us millennials and Gen-Z haven’t seen a system-wide meltdown like ‘08-‘09. I tell our analysts and associates (and myself) to soak up as much knowledge as they can from the industry vets on our team.

How does technology (e.g., Al, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry? Al will be incredibly powerful when applied to ABL (and pretty much anything else). It has the potential to help address the scaling problem that may be a challenge for the secured finance industry as demand for secured lending grows.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Find an area of this business where you have natural aptitude and then work really hard to excel in that. You will be financially rewarded for your expertise and it’s also really fun to achieve a level of proficiency where clients and colleagues look to you for advice and solutions. One day you might look up and find you have a passion for asset-based lending and then the sky’s the limit!

How do you think collaboration between different sectors (e.g., ﬁntech, traditional banking, private equity) will shape the future of secured ﬁnance?

Private credit shops are constantly looking for deal flow and banks are looking for sophisticated, risk-on capital that can complete their clients’ capital structures. I think you’ll see more partnerships like what Sixth Street announced in February 2025 with First Citizens, with the launch of Sixty-First Commercial Finance, that exploit their comparative advantages.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I’m most passionate about making the most out of these years when my children are young, which involves a lot of coaching baseball games and watching Disney movies. I’m very lucky to have a wonderful partner with whom I share the joys and travails of raising a family and who can join me in looking at most things with a sense of humor.

June 12, 2025 | The Plaza Hotel , New York, NY

PLATINUM LE VEL

SILVER LE VEL

BRONZE LE VEL

GOLD LE VEL

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

DALILA BERRY, ESQ. Associate Blank Rome LLP

Dalila began her career as a summer associate at Blank Rome LLP’s Philadelphia office where she joined their nationally ranked finance, restructuring and bankruptcy practice out of law school. She represents borrowers, banks, commercial finance companies, and other institutional lenders in a wide range of domestic and cross-border financing transactions across several industries. Prior to law school she owned a business in Southeastern Michigan, where she was born and raised, so she understands the unique challenges that can often face small businesses and builds from that experience to meet the needs of her clients. In recognition of her work, Dalila was named a Pennsylvania “Rising Star” from 2019–2024 in Business & Corporate Law listed in Super Lawyers, a publication recognizing leading attorneys for their industry expertise.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Learn to be practical. One way to do this is to understand how the market or industry you are working in differs from others markets and industries so you know what is important, what is likely and what doesn’t matter. If a concept was very important in one up-market, traditional lending transaction, it may not be in the next middle-market, private credit transaction. Another way to do this is to remember that not everyone is as risk-averse as the lawyers! Understand your client’s appetite for risk so you can guide them in a way that makes sense for what they are trying to achieve.

In general, embrace and seek out challenging transactions. You learn the most from these and it helps gain insight into different industries, issues and trends. Then ask for feedback. How others perceive your work is important and I always find there is room to improve.

I would also find ways to make the lives of those around you easier when they work with you. This displays your willingness to show up for your team so they know they can trust you, and when they can trust you they will want to work with you more (which creates opportunities that lead to success).

Most importantly, work hard. There is no supplement for this. If you are not sure what that means in your field (it may not always be obvious), have coffee with a person in a role you want and ask them what it took to get there.

How do you think collaboration between different sectors (e.g., ﬁntech, traditional banking, private equity) will shape the future of secured ﬁnance?

Private debt has grown tremendously during my career, and to mitigate the impact this is having on traditional banking, we are seeing more and more collaborations between traditional lenders and private equity.

I believe the marketplace for this collaboration will continue to grow and we will see household names in this space in the coming years.

What strategies do you employ for networking and building meaningful professional relationships?

Every relationship and interaction means something to someone, so I try to be someone other people remember positively.

I never know who I am going to meet and where, so I make an effort to get to know people – not just what they do for a living but who they are. Do they have kids? What ages? Their favorite sports or foods? People remember how you made them feel, and a lot of people feel good when you’ve listened to them. So, I listen, and when I follow up with them I try to make it personal and meaningful. Maybe I can help get them a table at that restaurant they have been trying to get to for months. Maybe I know the best matcha shop on the West Side that they must try because they love matcha. Whatever it might be, I try to be helpful. I am helpful because I genuinely want to build a relationship outside of my practice. If that relationship leads to that person reaching out to work together, great. If not, also great – I just met someone new and expanded my network.

Blank Rome is an Am Law 100 firm with 16 offices and more than 750 attorneys and principals who provide comprehensive legal and advocacy services to clients operating in the United States and around the world. Our professionals have built a reputation for their leading knowledge and experience across a spectrum of industries and are recognized for their commitment to pro bono work in their communities. Since our inception in 1946, Blank Rome’s culture has been dedicated to providing top-level service to all of our clients and has been rooted in the strength of our diversity and inclusion initiatives.

SFNET’S 40 UNDER 40 PROFILES

LEGAL SERVICES

BETH YAHL Partner and Member of Executive Committee

Cahill Gordon & Reindel LLP

Beth Yahl is a partner in Cahill’s Banking & Finance and Capital Markets practices and serves on the firm’s Executive Committee. She represents leading investment banks and commercial banks in connection with asset-based lending transactions, syndicated loan transactions, bridge lending, and public and private capital markets transactions, in connection with acquisition financings, leveraged buyouts, going-private transactions, recapitalizations and other financing transactions. Beth has experience in a variety of industries, including manufacturing, retail, energy, healthcare and technology.

Beth has previously been recognized for her work by IFLR1000, Legal 500 US and Law360. She is also a member of Cahill’s Executive Committee and co-chair of the ﬁrm’s Professional Development Committee.

Beth received her law degree from the University of Illinois College of Law and her undergraduate degree from New York University. She lives in New York City with her husband and daughter.

How did you get started in the industry? What drew you to it?

I began as a summer associate at Cahill in 2012 and joined the firm the following year. As a first-year associate, I was introduced to ABL transactions—and I was immediately hooked. I discovered that the complexity and nuance of these deals matched my love of problem-solving.

What truly attracted me to secured finance was how much it felt like tackling an intricate math problem. Every transaction demanded technical precision, whether drafting detailed covenant packages or negotiating terms that carefully balanced risk and reward. Each deal was a unique challenge — a chance to break down complex issues, understand every moving part, and piece everything together so that it worked for all parties. This mix of analytical rigor and creative thinking has kept me passionate about the field for over a decade.

As a leader in the industry, how do you foster innovation within your team and company?

I’ve found that the key to innovation and advancement is collaboration and open communications. At Cahill, we are lucky to have a large team of attorneys working on secured finance transactions and a subset of the group dedicated to working on ABL transactions. Having a close-knit group of ABL professionals allows us to bounce ideas off of one another and craft the best solution for clients when a nuanced issue comes up. The depth of knowledge and experience in our finance group ensures that there is often someone who has tackled a similar issue before, and we use that collective knowledge and skillset to share ideas on how to improve upon our service to clients.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Dive in and embrace every chance to learn. This field is highly technical and isn’t usually covered in law school, so practical, hands-on experience is key. Attend meetings, listen during negotiations, and ask questions. Real-world exposure will help you quickly grasp the intricacies of complex transactions.

I also can’t overstate the value of mentorship and strong relationships. I’ve been fortunate to have several mentors who have helped to shape my approach to practicing law – individuals I could brainstorm with and bounce ideas off of. Seeing how they approach problems from different angles has been incredibly influential in how I’ve crafted my own style of practicing law. In addition, it is also exceptionally important to build strong relationships outside of the firm with clients and other attorneys, both on a personal level and to facilitate smooth transactions in the future.

Finally, keep a close eye on industry trends. The more you understand the broader market, the better equipped you’ll be to offer creative, practical solutions. In that regard, it certainly helps to work at a firm like Cahill, which offers a broad view of the market, as an industry leader.

What strategies do you employ for networking and building meaningful professional relationships?

Given the smaller size of the ABL market, the people you meet today’s deal are likely to be key collaborators on another deal down the road. Maintaining open, honest communication helps build trust, which is essential when navigating the complexities of any transaction. A collaborative mindset makes tackling challenging deals easier and establishes you as a reliable and approachable professional. That’s essential because your network is one of your most valuable assets over time.

Cahill proudly congratulates partner Beth Yahl and all of this year’s SFNet 40 Under 40 Awards honorees.

Cahill Gordon & Reindel LLP is widely recognized as a leading law ﬁrm in leveraged ﬁnance, private credit, and asset-based lending transactions.

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

RICK THIDE Partner Choate, Hall & Stewart LLP

Rick is a partner in the Finance and Restructuring Group at Choate, Hall & Stewart LLP, based in Boston. Rick represents banks, finance companies, and corporate borrowers in a broad range of U.S. and multi-national commercial finance transactions. He also advises secured creditors and debtors in a variety of creditors’ rights and insolvency matters, including restructurings, workouts, and cash collateral and debtor-in-possession financings. Rick works with a wide range of clients, but he has particular experience in the retail, technology, healthcare, and consumer products industries. Rick earned his law degree from Boston College Law School and his undergraduate degree from The George Washington University.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld?

As a kid, after asking one too many questions, my parents got me a series of books titled “Why Things Are” which contained answers to such burning questions as “Why don’t submarines sink?” Throughout my career, I have brought to every project this same curiosity and dedication to developing a broad base of finance and non-finance knowledge, with the goal of being able to push the envelope on transaction structures while respecting evolving market expectations. By always asking myself, my team members and my clients questions about transaction goals, precedents and outcomes, I have been able to build on what has worked in the past, while fixing or adjusting those things that have not worked in the past.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Take ownership of your work and the development of your substantive knowledge, and focus on your own excellence. From the beginning of my career, I focused on making a contribution to my transaction teams. To do so, I invested significant time to understand how more senior lawyers had, in the past, tackled tasks or problems similar to those I was being asked to tackle, and tracking the evolution of the work product that I contributed to the team. These investments were crucial to developing a reputation for competence and attention to detail that won me further important “reach” opportunities. At the same time, it is important to focus on your own excellence—to believe in yourself and your abilities, and to avoid comparing yourself to others or competing with your team members.

As a leader in the industry, how do you foster innovation within your team and company?

On my teams, I work to ensure that all team members feel they are important to the team’s success and encourage all team members to ask the questions that challenge the team to consider all available solutions to a problem. At the same time, it is important to ensure that all team members are accountable for their work product—that they feel the responsibility to “get it right” for the broader team, and ultimately, for the client. By combining accountability with an open problem-solving process, I hope to always ensure that the team’s work benefits from the perspectives and the experiences (and the best efforts) of the individual team members.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

I think that the next five years will involve ongoing focus on balancing the demands for creative transaction solutions with the transaction parties’ duties of good faith and fair dealing, most obviously in the context of so-called liability management transactions. As creative transaction structures continue to diminish trust among transaction parties, we are likely to be challenged to focus on the long-term consequences of these transactions.

SFNET’S 40 UNDER 40 PROFILES

LEGAL SERVICES

ALEXANDRIA

FILUSH

Principal Goldberg Kohn Ltd.

Alexandria Filush is a principal in Goldberg Kohn Ltd.’s Commercial Finance Group. She represents banks and non-bank financial institutions in structuring, negotiating and documenting a broad range of commercial finance transactions, including secured cash-flow and asset-based loan transactions, acquisition and working capital financings, senior secured, first lien/second lien, split-lien and unitranche credit facilities, crossborder and mezzanine financings, recapitalizations, refinancings, loan workouts and restructurings, and other complex commercial finance transactions. Since 2021, Alexandriahas been recognized annually by Best Lawyers on its “Ones to Watch” list.

Alexandria received her law degree from the University of Chicago Law School in 2014. While attending law school, Ms. Filush was involved in the Edwin F. Mandel Legal Aid Clinic’s Housing Initiative and served as an officer of the Student Animal Legal Defense Fund. She received her B.A., with high distinction, in education (English major) from the University of Michigan in 2008. Prior to pursuing her legal career, Alexandria taught high school English in Berkley, Michigan.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

AI is rapidly transforming nearly every industry, and secured finance is no exception. With the rise of AI tools, it feels like we are approaching an inflection point in terms of how deals are documented and negotiated. Today’s task of drafting a credit agreement or reviewing a markup may become tomorrow’s task of reviewing an AI-generated draft or set of comments. I am curious to see at what point adoption of AI tools becomes so prevalent that operating without them would put a law firm and its clients at a competitive disadvantage. In the future, one challenge for law firms will be incorporating AI into our practice without sacrificing the learning opportunities that are necessary for continued professional growth. There will be a learning curve for the current generation of finance lawyers as they learn to use AI tools effectively, but at least we have the benefit of the experience gained from years of manually drafting, reviewing and analyzing agreements. How will the upcoming generation of lawyers learn to issue spot and analyze legal documents if AI does the work for them?

Worrying about this question makes me feel a bit like someone lamenting the decreased importance of law libraries upon the rise of online legal research tools. Lawyers did not stop learning how to conduct legal research when treatises and case law migrated to the internet; they simply learned how to research differently. While AI represents a more profound transformation, the analogy still holds: new tools require new approaches and ways of thinking. With the rise of AI, our challenge—and opportunity—will be to evolve our approach and way of thinking when it comes to documenting deals.

Ultimately, I am optimistic. AI tools pose risks and will introduce new challenges, but if we integrate these tools thoughtfully and

focus on finding other ways to promote professional growth, we will be able to spend more time on tasks that require our judgment and expertise and less time on tasks better delegated to a bot. Lawyers are not going anywhere, but it will be our task to harness AI to better serve our clients.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

Like many others, I became a pandemic gardener in the spring of 2020. Gardening requires patience, consistency and longterm thinking, but time spent in the garden pays off in beauty, a connection with nature and the satisfaction of supporting pollinators and wildlife (except for maybe the deer that snack on my plants). There is something so rewarding about ordering bulbs in the summer, planting them in the fall and then being rewarded in the spring with blooms that sweep away the winter doldrums and provide daily jolts of color and joy.

The same mindset applies to my professional life. As a finance lawyer, the small, deliberate tasks I carry out each day—striving to provide prompt and helpful responses to client questions, moving deals forward efficiently, collaborating with my wonderful colleagues and trying not to lose sight of details when deal pace accelerates—all accumulate and, over time, have helped me to build trust with clients and progress towards becoming the kind of colleague and lawyer I aspire to be. Gardening reminds me to recognize the impact that small jobs have on ultimate outcomes. In a fast-paced industry like secured finance, this perspective helps keep me grounded and focused on long-term professional growth.

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

CHRISTOPHER SWARTOUT Partner

Goldberg Kohn Ltd.

Chris Swartout is a principal in Goldberg Kohn’s Commercial Finance Group. He represents agents and lenders in middlemarket debt financings, with a particular focus on senior secured cash flow loans to sponsor-backed borrowers. Beyond that focus, Chris has experience representing lenders in a broad range of financing transactions, including asset-based loans, first-lien/second-lien and split-lien collateral structures, unitranche financings, junior lien and mezzanine loan transactions, and restructurings and DIP financings. Chris also has significant expertise in healthcare financings.

Chris joined Goldberg Kohn in May 2012. He is vice-chair of the ﬁrm’s Technology Committee and a member of the ﬁrm’s Compensation and Innovation Committees. He received his law degree, cum laude, from Northwestern University Pritzker School of Law, and his undergraduate degree, magna cum laude, from St. John Fisher University.

How did you get started in the industry? What drew you to it?

Like many others, I fell into a finance career largely by serendipity. I started my law career in the litigation department of what was then a large, New York-based firm, Dewey & LeBoeuf. Dewey collapsed during my first year as an associate there, giving me the chance very early in my career to reassess what I wanted to do and where I wanted to do it. Most of the firms with significant finance practices in Chicago were hiring then, trying to re-grow finance departments that had shrunk significantly during the 2008 and 2009 financial crisis. I knew I wanted to move to a transactional practice if I could, and I didn’t want to go to another large law firm if I could avoid it. Goldberg Kohn stood out to me as a top-tier finance practice and unique alternative to the big firms, so I was very happy to join GK’s commercial finance department.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

There are many trends that are changing things in the industry and will likely continue to do so, like the rise of private credit and adoption of AI technologies. But right now, the big question that swamps the importance of these other trends is what the Trump administration will or won’t do next. No one knows the answer to that question, so it’s very hard to say what will happen in our industry in the short- and medium-term. It is entirely plausible that the president’s actions will freeze the M&A and debt markets, or trigger a financial crisis in the next 12 months. It’s also plausible that everything will settle back down and we could have the best year for deal-making this decade. Right now, that uncertainty is more important than all of the other long-term trends.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Over the course of my career, technology has changed how lawyers negotiate and document transactions quite significantly. But most of those changes have been to make administrative tasks easier to accomplish, not to replace human analysis and drafting. I don’t think I’m going out on a limb to say that implementation of AI technologies across professional services industries like law and finance will result in much more significant changes than the new technologies of the last decade. Being able to draft a 200-plus page credit agreement (or to review and propose revisions to a draft prepared by someone else) in under an hour is going to change how we do deals. I think the biggest question is not how fast the technology will advance (it will be fast), but how quickly human decision-makers in our industry will adopt the technology. Law firms and financial institutions are busy adopting rules and procedures to mitigate the risks of individual employees adopting AI technologies willy-nilly. But we’re also investing significant resources in acquiring and deploying these technologies. No one wants to be left behind. I think it’s safe to say that AI will be a tremendously productivityenhancing technology in our industry. What remains to be seen is where the disruptions will be most acute and how those disruptions will be addressed. Will law firms finally ditch the billable hour? Will financial institutions continue to hire entry-level analysts? These are tough questions that will play out over the coming years.

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES SFN et 2025 40/40

LEO MUCHNIK Shareholder Greenberg Traurig, LLP

Leo Muchnik is a shareholder in the Restructuring & Bankruptcy Practice in global law ﬁrm Greenberg Traurig, LLP’s New York office who focuses his practice on complex corporate restructurings, workouts, and distressed M&A, both in and out of court. He represents a range of clients, including debtors, investors, lenders/bondholders, and purchasers. With experience across industries like retail, energy, aviation, and entertainment, he is skilled in managing both domestic and cross-border transactions. Leo received his J.D. from Fordham University School of Law, and his B.A. in political science from The College of New Jersey.

As a leader in the industry, how do you foster innovation within your team and company?

I believe that innovation thrives in an environment where collaboration, curiosity, and respect are deeply valued. My approach to leadership is rooted in embracing humility and recognizing the strength that comes from acknowledging our limitations. By openly seeking guidance and learning from others, I aim to model the importance of self-awareness and continuous growth to my team.

I have always understood that no one has all the answers, and the best solutions often emerge from varied perspectives and collective effort. I actively encourage my team to ask questions, share ideas, and challenge assumptions. By fostering a culture of mutual respect, I strive to empower my team to voice their thoughts because their contributions are equally valuable.

This approach not only drives innovation, but also nurtures a sense of ownership and pride within the team. When the team feels supported and inspired, they are more likely to pursue innovative ideas.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

One piece of advice I have received -- and which I now offer to associates -- is that our job primarily is to deliver excellent service to our clients. Producing high-quality work is a given; clients expect us to go a step further by anticipating their needs on every deal, often before they even voice them. Ultimately, delivering high-quality work is essential, but it is the combination of responsiveness, attentiveness, and genuine care that truly fosters lasting relationships and solidifies a strong reputation.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld? I have made it a daily habit to begin each workday by reading industry publications to stay up to date on the latest trends and developments. This commitment not only keeps me informed but often sparks creative solutions to complex challenges. By drawing parallels between seemingly unrelated deals—whether from my own experiences or insights gained through emerging industry trends—I have been able to approach problems from fresh perspectives and deliver innovative outcomes. This proactive mindset has been invaluable in staying ahead of the curve and consistently driving success.

CONGRATULATIONS

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

ASHLEY INGRAHAM Partner

Holland & Knight LLP

How did you get started in the industry?

Ashley Ingraham is a financial services partner in Holland & Knight’s Dallas office. She primarily represents financial institutions, capital companies, business credit divisions and private capital funds in connection with their lending and investment transactions, including asset-based lending, cashflow lending, real estate financing and senior debt financing. She has experience in U.S. and cross-border financing transactions. Ashley also counsels senior lenders, subordinated lenders and equity investors in complex intercreditor arrangements critical to various types of transactions.

She has been consistently recognized as a Rising Star by Texas Super Lawyers. Ashley received a J.D. degree from Southern Methodist University Dedman School of Law and an MPA degree and a B.B.A. in Business Honors and Accounting degree from the University of Texas at Austin. Ashley lives in Dallas with her husband and two children.

Throughout law school, I always knew I wanted to practice in the transactional space at a big law firm. While representing small businesses and entrepreneurs at a small firm right out of law school, one of my friends from law school, who was an associate at Holland & Knight LLP, asked if I was interested in lateraling to Holland & Knight’s financial services group in Dallas. Holland & Knight LLP had recently entered into the Texas market with the opening of its Dallas office led by an outstanding finance practice with premier clients. It was too good of an opportunity to turn down, and I have not looked back since joining the firm. I enjoy the dynamic and fast-pace nature of the practice. Most of all, I have the privilege of working with brilliant colleagues and clients on a daily basis.

As a leader in the industry, how do you foster innovation within your team and company?

I foster innovation within my team by creating the right environment and processes that encourage creativity, efficiency and collaboration. Mentorship and communication play a pivotal role in the development and success of future lawyers as well as my own growth. It is important to make sure each team member is progressing appropriately and meeting their own goals. I also try to plan informal outings with team members. Informal outings tend to build trust and relationships and are another forum for communicating client expectations outside of the office. Effective and frequent communication can help prevent misunderstandings and mistakes. Additionally, investment in legal technology is increasingly important in the legal profession. I encourage my team to participate in trainings for any new technology offered by the firm that can be used in my practice to help streamline our processes and improve client service. If the needs of each team

member are being met and the team is performing efficiently and well together, the firm is able to provide services that meet and often exceed clients’ expectations.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

I recommend young professionals prioritize finding and working with good people, and to not undersell yourself--dream big. Start by intentionally finding colleagues and mentors who support your growth and help you achieve your goals. Do not be afraid to ask for help. You do not have to learn everything on your own. Over the course of my career, I have been fortunate to have been surrounded by extraordinary mentors and colleagues who have helped me learn, grow professionally, and achieve more than I ever could have on my own. Do not let fear get in the way of your goals. There may be pitfalls and hardships along the way, but don’t get hung up on them. Stay the course, trust yourself and celebrate your successes!

What strategies do you employ for networking and building meaningful professional relationships?

I focus on building real connections by being my authentic self. I try to keep in touch with clients as often as I can. I take a genuine interest in their personal life as well as their professional life. As you build your career, it is important to recognize that networking is not just when you need something. Every day, I have the opportunity to meet someone who may become a lifelong friend!

et 2025 40/40

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

NICHOLAS PALAZZOLO Partner Otterbourg P.C.

Nicholas Palazzolo is a partner in Otterbourg’s banking and ﬁnance department. Nick represents banks, commercial ﬁnance companies and other institutional lenders in connection with the structuring, negotiation and documentation of loan transactions, including complex cross-border transactions and debtor-in-possession credit facilities, as well as loan workouts and restructurings. His work spans a wide variety of industries and deal sizes, ranging from the middle market up to billiondollar credit facilities involving large syndicates of lenders.

Nick earned his Juris Doctor from Brooklyn Law School, magna cum laude, and his B.S. in economics from Binghamton University, cum laude. Nick lives in Westbury, New York with his wife, Kelly, and his three young children.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

First, take ownership of everything you are working on. When you are starting out as a young lawyer most of the work you do will be reviewed by a more experienced lawyer on your team before it is sent out to a client or opposing counsel on a deal – but do not get into the habit of relying on that as a safety net. Instead, even for “junior level” tasks, really pay attention to getting the details correct and use each project as an opportunity to show your senior coworkers (and your clients) that your work product is exceptional and that you are ready to take on more responsibility. That is how you will ultimately gain and build the trust of the people you are working with, which is pivotal in advancing your career in this industry.

And second, do not be afraid to step outside of your comfort zone. If you are lucky enough to work in an environment that fosters creativity and growth, you should seize every opportunity to try new things and expand your skillset. Looking back at the beginning of my career at Otterbourg for example, from early on I was given the chance to be involved with complex transactions and work on tasks that would typically be handled by more experienced attorneys. Of course, I always had appropriate supervision and guidance from my mentors, but there was definitely a steep learning curve that I needed to learn to navigate. Instead of shying away from those challenging, uncomfortable situations, I tried my best to embrace them and learn from them. I would encourage other young professionals to do the same.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld? When a question or issue comes up that I am not sure how to handle, instead of immediately going to mentors/coworkers for advice, first I try my best to find the answers for myself. In this industry, and on the legal side in particular, there is a vast amount of prior documents, samples, precedent, research and other helpful information that is readily available to us (including, for example, SFNet as a data and documentation resource). So, when facing a tough issue in connection with a particular transaction, I think it is a very good habit to look at any applicable precedent I can find to see how that issue was addressed in the past. After I do my homework, then it is time to discuss potential solutions with my teammates and clients, and bounce ideas off of one another.

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

RAFAEL ALVARADO Partner

Paul Hastings

Rafael Alvarado is a partner in Paul Hastings’ Global Finance practice group. Rafael focuses his practice on the representation of financing sources, as well as corporate borrowers, in a wide range of lending transactions, including syndicated credit facilities, senior and subordinate credit facilities, unitranche financings, energy loans, asset based and underwritten acquisition financings and other leveraged financings. Of particular focus is his expertise in the asset-based loan and energy space, where he has advised various commercial banks as left lead arrangers in the middle and broadly syndicated markets.

Rafael lives in Dallas with his wife, Valerie, two children, Andres and Ayla, and Tibetan Terrier, Link.

As a leader in the industry, how do you foster innovation within your team and company?

As a partner, I try to foster innovation among the associates by encouraging a culture of curiosity and learning. I encourage associates to challenge me and provide fresh perspectives, both as a learning exercise and because associates are in the unique position of learning and consolidating information from various lawyers with broad skillsets and who are infinitely smarter than me. That is to say, each generation of new associates benefits from the information gained from prior generations, and I try to leverage that competitive advantage as much as possible. It’s not uncommon where an associate will surprise me by introducing a new concept that I have never seen in a draft loan agreement that they picked up from a different partner specializing in a different field, and it’s fantastic to see that end product.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

For lawyers looking to build a successful career in secured finance, my advice is to focus on the “why” versus the “what” in a transaction. Our field has a steep learning curve that requires you to understand complicated intercreditor and structural arrangements very early in your career, and understanding the “why” is often more crucial than just putting in the hours. The most successful lawyers in this field have a deep understanding of how everything fits together in a transaction, from both a legal and business perspective, and it’s hard to gain that understanding without asking question after question. We all like to pretend that we know everything, but the most impressive lawyers I’ve met are the ones who can put their egos aside and ask their clients questions regarding “why” they structure things a certain way, or “why” they’re aggressively pursuing one point over another. Young lawyers should have the same mindset and challenge themselves to figure out the “why”.

How did you get started in the industry? What drew you to it?

I think every little boy dreams of one day becoming a finance lawyer specializing in asset-based lending. In truth, like most things in life, it was luck more than anything that steered me into the industry. I am lucky to have been mentored and taught by some of the best finance lawyers in the country, and they also just happen to be lawyers who specialize in secured financings. It is through their mentorship and ability to constantly challenge me that has kept me practicing law, but there’s also the added benefit that asset-based lending is industry agnostic, which provides for ample opportunity to explore and learn about various different types of companies and their specific capital needs.

What strategies do you employ for networking and building meaningful professional relationships?

Building a meaningful professional relationship with an institutional client or prospective client begins with earning their trust. I think a lot of times young lawyers get trapped in thinking that having successful friends or taking clients to expensive events or outings is the key to success. While those are certainly helpful, I have found that the best way to have a client come back to you with more work is by earning their trust by delivering top-tier work product (regardless of the size of the deal). With repeat deals, those relationships will build organically and open the door for getting work from other business sectors at the client as our reputation as reliable lawyers grows. .

Secured Finance Foundation: Helping to Shape the Future

The Secured Finance Foundation (SFFound) encourages, facilitates, and supports education, innovation, and charitable works for the betterment of organizations and professionals who deliver and enable secured finance—and for the communities of which they are a part. Below are just a few of SFFound’s impactful initiatives:

Guest Lecture Program

• Connects finance industry leaders with students on college campuses

• Provides insights into secured finance careers through lectures from 276 member companies

• Offers access to internships, scholarships, and networking opportunities

Mentoring Program

• Links seasoned professionals with newcomers for learning and growth

• Bi-weekly virtual activities and one-on-one meetings

• Mentees gain skills and network, while mentors give back and shape the industry’s future

SFNet Professional Development Courses

• Live-online and in-person courses led by industry experts

• Courses feature practical case studies to help professionals make an impact

• Four free on-demand series in appraisals, factoring, legal issues, and bankruptcies for members

Secured Finance Certiﬁed Professional (SFCP) Program

• Prestigious certification in asset-based lending and factoring

• Sets a gold standard for professionals through a comprehensive curriculum and rigorous exam

• Helps organizations attract and retain top talent by focusing on employee development and best practices

To learn more about these initiatives, please contact Denise Castagna at dcastagna@sfnet.com.

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

DANIEL BURKHART Senior Managing Associate Sidley Austin LLP

Daniel Burkhart is a senior managing associate at Sidley Austin LLP. Daniel focuses his practice on various secured and unsecured leveraged finance transactions and debt restructurings. He regularly represents public and private company borrowers, private equity sponsors and direct lenders on acquisition financings, asset-based financings, cash-flow based financings and subscription, NAV and hybrid financings. Daniel also has significant experience in the financing and strategic elements of in-court and out-of-court restructurings, including complex liability management, workout and debtor-in-possession financing transactions.

Daniel’s ﬁnancing experience extends across a wide variety of industries, including: aerospace, automotive, food and beverage, healthcare (including corporate practice of medicine), insurance, logistics, manufacturing, retail, technology services and telecommunications.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld?

The most important strategy that has helped me stay ahead of competition is taking the time to understand the client’s business while also being up-to-date on financial markets, world events, deal trends and case law. It goes without saying that leveraged finance attorneys need to have a firm grasp on what legal and economic terms are “market” for a given transaction. Additionally, it is assumed that leveraged finance attorneys will monitor relevant case law and understand how new court decisions might impact key provisions in debt financing documents. But more fundamentally, a well-rounded attorney should understand their client’s business, what is happening in the world around them and how financial markets and world events might impact their client’s business needs.

For every deal that I work on, I make an effort to understand the “ins and outs” of the client’s business. What makes the client’s business unique from competitors in the industry? How do their operations work? What strategic initiatives do they hope to accomplish within the next few years? Are there any business or industry risks that are keeping them up at night? The more informed I am about the business, the better equipped I am to give practical advice and focus my attention on things that truly matter to the client. Setting aside time to read the news and monitor financial markets has also been an important part of my daily routine. Again, understanding what is happening at a macro level in the world (such as relevant policy decisions and events impacting pricing) have helped me provide more meaningful advice to clients.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated? One of the biggest challenges I see is balancing the growing complexity of financing transactions against the desire to get transactions closed

as quickly and efficiently as possible. It’s no secret that credit agreements and other debt financing documents continue to get longer and more complex. To be sure, the added length and complexity comes from both the borrower-side (for example, building in more robust financial definitions and negative covenant baskets) and the lender-side (for example, building in added protections in response to new legislation or liability management transactions). Despite all of this, secured finance professionals are expected to negotiate and close financing transactions expeditiously, with transaction timing often tied to an impending maturity, a repricing event or an acquisition, investment, disposition, dividend or other fundamental change transaction.

Secured finance professionals can help mitigate this challenge by having well-staffed and well-organized deal teams. Having the right staffing can position advisors to meet demands for rigid accelerated timelines. Since secured finance transactions involve collaboration from multiple deal teams, this means ensuring that not only is your deal team properly equipped to handle an aggressive closing timeline, but that that your counterparties’ deal teams are also appropriately staffed. Regular communication and keeping all parties apprised of key dates and timing of signing and closing also play an important role. And of course, attorneys can help do their part by being clear, concise and avoiding overdrafting and word-smithing in legal documentation.

SIDLEY APPLAUDS

Senior Managing Associate

on being recognized in SFNET ’s 2025 “40 Under 40 Awards”

We are proud of both James and Daniel for being honored as leaders in the secured ﬁnance industry, as well as for each of their many professional achievements.

Congratulations to all of this year’s talented honorees.

SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

JAMES CROKE Partner

Sidley Austin LLP

James Croke is a partner in Sidley Austin LLP’s Global Finance Group. James represents commercial banks and private credit funds in a wide range of financing transactions, including senior secured and unsecured credit facilities, first lien and second lien transactions, syndicated and bi-lateral financings, unitranche financings, mezzanine financings, and cash-flow, asset-based and split-lien transactions, as well as workouts, restructurings, debtor-inpossession facilities and other distressed financings. James has extensive experience with acquisition financings and other transformative transactions in a broad swath of deal sizes, from middle-market financings, to large cap cross-border financings. James grew up in Galway, Ireland, and now lives in Chicago with his wife and three sons. Unfortunately, he remembers precious little of the Irish he learned in primary school.

How did you get started in the industry? What drew you to it?

I began my legal career in the aftermath of the Global Financial Crisis of 2008-09. At that time law firm recruitment of new associates was less robust than it is in our current environment, so while I worked hard and performed well academically in law school, I do not think I am being modest in acknowledging the role that good fortune and happenstance played at the beginning of my journey as a finance lawyer. In terms of the practice itself, I have long been something of a nerd about financial markets and economics in general, so finance was a natural home to explore and mine the depths of those existing interests. I also think of myself as a gregarious and collaborative person by nature, and this practice allows me to leverage those traits to work with people and institutions with divergent interests toward building consensus and achieving a common goal.

In addition to the substance of the work, I gravitated toward great mentors I had the opportunity to work with, whose wisdom and guidance has been a tremendous resource to me over the course of my career.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

There is no substitute for hands-on experience in the practice of law. I encourage anyone interested in building a finance practice to try working on a wide variety of financing transactions and use those experiences to figure out what kinds of transactions you like to work on (and perhaps as importantly, the types of transactions you don’t like working on). From there, it is critical to work on as many transactions in a particular space as possible in order to build a baseline knowledge of what is “market” for a particular type of transaction or term. Clients rely heavily on our fluency with market terms to guide them through dense legal provisions and complex transactions. The earlier in your legal career you can develop that sort of market expertise, the better,

as it will increase your credibility with senior lawyers and clients alike, and ultimately lead to more (and more interesting) work opportunities. Oh, and it’s also helpful to memorize the entire text of the model Uniform Commercial Code.

How do you think collaboration between different sectors (e.g., ﬁntech, traditional banking, private equity) will shape the future of secured ﬁnance?

In the years since I started my practice, there has been a consistent trend of financing transactions migrating from the public and traditional bank financing markets into private markets. That process is showing no signs of slowing down, and in fact appears to be accelerating as many traditional banking institutions are now partnering directly with private asset managers to deliver joint financing solutions to end users of debt capital. It will be interesting to see how these hybrid capital models shape how, and what kinds of, deals get done in the marketplace.

Knowledge Is Power

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SFNET’S 40 UNDER 40 PROFILES LEGAL SERVICES

JAMES WATERS Partner Winston & Strawn LLP

James Waters has over 10 years of experience advising clients on a variety of financings, including asset-based, cash flow, syndicated, unitranche, mezzanine, and second lien financings. His expertise spans multiple industries, and it is hard to find a deal structure that he has not done before. This diverse background allows him to structure creative solutions tailored to each client’s unique needs.

James’s approach to secured finance transactions is forward-thinking, particularly in his adoption of technology. He has leveraged AI tools to enhance efficiency and provide better advice, which accelerates deal timelines and allows the most creative clients to differentiate themselves as excellent partners in growth for their customers. This technological edge is a significant differentiator in a rapidly evolving industry.

James earned his bachelor’s degree in statistics and economics from UNC-Chapel Hill and his J.D. and master’s degree in international law from Duke University. He is based in Dallas, Texas, where he lives with his wife and three young boys, ages 3, 4 and 5.

How did you get started in the industry? What drew you to it?

I lived in Nicaragua for a year from 2010-2011 before law school, and I primarily assisted with the Foundation for Sustainable Development’s microfinance initiatives. I liked doing finance deals because finance is fuel for businesses that need it to grow, which benefits employees, stakeholders and communities. Finance is a powerful tool for enabling self-sufficiency and creating opportunities for businesses. I think that philosophy holds true for financings of any size. I liked being a part of that mission in Nicaragua, and I was immediately attracted to finance work out of law school.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

AI makes lawyers better at our jobs. I spent substantial time upfront familiarizing myself with our firm’s AI tools, and it’s paying major dividends. Ultimately, we are going to be able to offer better advice and do deals more efficiently for our clients. I believe lenders whose lawyers utilize AI will be able to differentiate themselves from lenders whose lawyers don’t use AI. I believe there’s also going to be better and more readily available intel on what is “market.”

As a leader in the industry, how do you foster innovation within your team and company?

We are constantly looking to improve the client experience, which means we are always asking what we could do differently on the next transaction to produce a better outcome for the client. We’re never complacent, and we’re hyper-focused on self-improvement. As part of this effort, we invest substantial time providing junior associates at our firm with unmatched opportunities to learn, grow, and take on responsibilities starting on day one.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Adopt a client service mindset and show respect to everyone. We need to go into deals with the mentality of bringing parties together to grow, rather than get bogged down in an unnecessarily adversarial negotiation. It makes deals more enjoyable for everyone.

How do you think collaboration between different sectors (e.g., ﬁntech, traditional banking, private equity) will shape the future of secured ﬁnance?

We are going to see more banks and private credit lenders team up to do deals that neither could do individually. Even in deals where private credit lenders provide the bulk of the financing, banks serve the role of providing bank products, treasury services, a revolver, etc. Private credit lenders can fill financing gaps with more risk that banks often can’t fill alone.

What strategies do you employ for networking and building meaningful professional relationships?

Get out in the community doing things you enjoy, even if it’s doing things that aren’t professionally focused. You can meet professional contacts anywhere, whether it’s at a kids’ sporting event, a church event, or a neighborhood association meeting. Just get out there!

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I am passionate about health and longevity. That means getting quality sleep. Eating single-ingredient nutrient-dense foods. Spending time outdoors and getting sunshine. Jumping on the trampoline with my kids. Staying healthy and grounded makes me a better lawyer.

SFNET’S 40 UNDER 40 PROFILES OPERATIONS

KATHERINE NOWESNICK Strategy & Planning

Senior Advisor

PNC Business Credit

Katherine began her career with PNC Business Credit in 2008 as a ﬁeld examiner in Philadelphia and subsequently a relationship manager in both the New York and Cleveland markets. In 2015, Katherine joined the Corporate & Institutional Banking Business Risk Office to support the establishment of the heightened standards regulatory guideline at PNC, with speciﬁc focus in the operational risk and quality assurance frameworks. In 2019, she returned to Business Credit within the chief operating office where she currently holds the role of strategy & planning senior advisor. Her combined experience in portfolio management and credit risk, alongside operational and regulatory requirements, has enabled her to successfully partner across various disciplines within the banking industry.

Katherine holds a B.S. in ﬁnance from Miami of Ohio University. She resides in Medina, Ohio with her husband, Mike, two young sons, Jackson (7) and John (4), and a spunky German Shepherd, Shelby. Katherine enjoys staying active by swimming and biking and loves to volunteer at her son’s school events.

How did you get started in the industry? What drew you to it?

I joined the banking industry right out of college because I was looking for a career that offered strong opportunities for growth and a meaningful way to contribute. I’ve always had an interest in finance and problem-solving, and banking felt like the perfect space to combine analytical thinking with real-world impact. What attracted me to PNC specifically were the values of integrity, accountability and putting the customer first. Those values aligned closely with my own, and they’ve continued to motivate me throughout my time here.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

There is more than one path to take, don’t be afraid of veering off course, when the opportunity presents itself. Sometimes those opportunities are not what is expected but what is needed to grow your career.

Do not neglect the importance of both physical and mental health. Your performance and productivity at work directly correlate to your general well-being. Make sure this maintains a priority throughout your career journey as responsibilities and expectations grow.

What strategies do you employ for networking and building meaningful professional relationships?

I approach any networking opportunity or partnership as a chance to further expand by knowledge base. I constantly remind myself to be present in the dialogue, showing respect by listening and asking questions to obtain a better understanding of either the problem or proposed solution. Throughout time I’ve been able to build a strong rapport with various partners who have helped me immensely throughout my career.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I am most passionate about raising my two boys into young gentlemen with my husband. I dawn the nickname, Meltdown Manager, proudly! Parenthood teaches you to celebrate the small wins which in a highly competitive industry is an important lesson to remember.

I’ve also recently started a journey into swimming after my oldest son started a swim club. We both swim laps twice a week. It has been a humbling experience, requiring consistent effort and development of techniques to improve my performance. That same discipline and patience is a great reminder to various challenges I meet in my professional life as well.

As a leader in the industry, how do you foster innovation within your team and company?

Break down the silos and promote collaboration. Within traditional banking, it is easy to maintain the status quo and follow the predecessor’s way of doing things. However, complacency stifles progress. There is always more than one way to achieve an objective. Learning from our peers and other departments within our organization can help identify new ideas or even avoid previous lessons learned. I encourage our team to question the ‘why’ to understand the reason and rethink the ‘how’ to encourage different solutions.

State Disclosure Laws: What You Need to Know

SFNet is pleased to offer what we believe are the most comprehensive guides to complying with the Disclosure Regulations for Commercial Finance Transactions for both New York, California and Florida/Georgia.

With these guides, we hope to provide greater clarity on how to comply with the new legislation and regulations.

We provide these guides to our members at no cost. Non-Members may purchase the guides on our website.

Visit Industry Data & Media on www.SFNet.com to learn about our continuing advocacy initiatives.

SFNET’S 40 UNDER 40 PROFILES OPERATIONS

TERRY O’CONNOR

Executive Vice President & Treasurer

Single Point Capital

Terry O’Connor joined Single Point Capital in 2022 and currently serves as executive vice president and treasurer. In this role, he is responsible for overseeing all ﬁnance, accounting, and credit operations, as well as leading the company’s strategic planning and execution. Terry also manages Single Point’s affiliated company, Single Point Logistics, where he plays a key role in operational oversight and growth strategy. Prior to joining Single Point, he worked at PwC, focusing on mergers and acquisitions and ﬁnance transformation initiatives for a range of clients.

His background combines deep ﬁnancial expertise with hands-on operational leadership. He is an active member of the SFNet Factoring Committee and is passionate about mentoring younger employees as they grow in their careers.

Terry graduated summa cum laude from Auburn University with a degree in civil engineering and earned both his MBA and a master’s degree in business analytics from the University of Notre Dame, graduating magna cum laude. He currently resides in Houston with his wife, and outside of work, he enjoys traveling and playing golf.

How did you get started in the industry? What drew you to it?

I’ve made most of my career decisions based on relationships, and that’s been one of the most rewarding aspects of my professional journey. I was fortunate to meet the owners of Single Point and build a strong relationship with them early on. At the time, I was working for a large consulting firm. During Covid, the industry changed—less travel, longer hours, more Zoom calls—and I started thinking more seriously about what I wanted next.

What drew me to factoring, and specifically freight factoring, was the nature of the business—high volume, higher-yielding finance with a lot of operational complexity. I liked that it was fast-paced and transactional. At Single Point, I’ve enjoyed being part of a smaller company where I can get involved across the board—finance, credit, sales, marketing. And while we specialize in freight, we also evaluate deals across a wide range of industries, which keeps things fresh. No two deals look the same, and that variety is something I really enjoy.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Technology is absolutely critical, especially in the freight factoring space where you’re processing high volumes of invoices. You need to be able to operate efficiently—quickly and at a low cost—and that only happens through technology. We’ve invested heavily in tools that automate large parts of our workflow and reduce manual intervention. Looking ahead, I think AI will be transformative. You’ll see it embedded across the entire deal lifecycle—from lead generation on the sales side to underwriting and back-end operations. AI can help gather and analyze data on potential clients, flag risks earlier, and process documents more quickly and accurately.

That said, I don’t think AI will replace people, it will enhance them. Relationships still drive sales. Underwriting still requires sound

judgment. And client relationships still need a human touch. The key is blending technology with human experience and intuition.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated?

Fraud is, without a doubt, one of the biggest challenges—especially in freight factoring. The same technology that makes us more efficient also makes fraudsters more sophisticated. We see everything from identity theft to forged documents to double brokering.

Technology helps with fraud prevention, but it’s not enough on its own. Some of the best fraud detection still comes from experienced team members who’ve seen hundreds of deals and know when something feels off. That kind of intuition is hard to replicate with software.

We make sure automation doesn’t replace human oversight. Training, collaboration, and staying current on industry trends are just as important in catching fraud early. The balance between tech and human instinct is essential to staying ahead of risk.

As a leader in the industry, how do you foster innovation within your team and company?

One of the advantages of being at a mid-sized company like Single Point is that we can move quickly and stay flexible. I’ve always tried to create a culture where people at all levels feel empowered to speak up with ideas— whether you’re in operations or sales, new to the team or experienced.

We won’t act on every idea, but we’ll listen to all of them. If something has merit, we test it. Some of our best process improvements have come from employees who deal with issues firsthand and think of a better way to solve them.

To me, fostering innovation means building a culture where people feel ownership in the company’s success and are encouraged to help shape how we work and grow.

SFNET’S 40 UNDER 40 PROFILES OPERATIONS

ALEJANDRO HERNANDEZ Chief Technology Officer SLR Business Credit

Alejandro Hernandez is a veteran leader with over 15 years of experience in ﬁnancial services and lending. He began his career at a logistics factoring ﬁrm, where he served as a senior account executive. In 2013, he joined FastPay—now SLR Digital Finance—and rose through the ranks, ultimately overseeing all operations for the business.

In his current role as chief technology officer, Alejandro leads strategic initiatives across the SLR platform, managing software systems, cybersecurity, and daily IT operations. He also continues to oversee operations at SLR Digital Finance, ensuring alignment between technology and business goals.

Alejandro holds a B.A. in Business Management Economics from the University of California, Santa Cruz, with a minor in Education. He lives in Southern California with his wife, Meghan, and two daughters, Kaia and Stella.

How did you get started in the industry? What drew you to it? Coming out of college I wasn’t sure what I wanted to do and my introduction into secured lending was entirely by chance. My first job out of college was working in operations for a struggling pre-paid debit card company. While there, I met a colleague whose husband at the time was the VP of operations for a logistics factor. Seeing the writing on the wall at our company, she made an introduction, and I interviewed for an account executive position.

What drew me in (and has kept me in) is the problem-solving nature of the work. I enjoy that every deal is unique and requires a deep understanding of the client’s business and their collateral. It’s dynamic and challenging, but also incredibly rewarding. One of the things I enjoy the most is the opportunity to help business owners grow their companies. Being part of that journey and seeing the real impact we make is what keeps me motivated.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Technology is at the core of what we do, nearly all aspects of our daily operations from underwriting to portfolio monitoring rely on data and systems to operate efficiently and securely. AI is currently top of mind for many in the industry as we try to figure out how to harness it to improve efficiency, risk management, and decisionmaking. Whether it’s streamlining underwriting, identifying patterns in borrower behavior, or automating routine tasks, there is massive potential.

That said, we also have to be vigilant. Just as we look for ways to leverage AI, so do fraudsters. The same tools that can help us move faster and smarter can also be used to create more sophisticated fraud schemes. Balancing innovation with strong controls will be critical.

Looking ahead, I believe technology will continue to reshape secured finance—especially in data analysis, compliance, and customer experience. Those who embrace it thoughtfully will have a competitive edge.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Don’t be afraid to take on tasks that are outside your comfort zone. Some of the best growth happens when you say yes to something you’ve never done before. Be observant—watch how others approach problems, ask questions, and take note of the details. Always be willing to learn. This industry is complex and constantly evolving, and staying curious will help you stay ahead.

Most importantly, nothing beats hard work. Showing up consistently, doing the work, and being someone your team can count on goes a long way in building trust and opening up new opportunities.

For example, my educational background is in business management, but I’ve always been a bit of a tech nerd. For the first decade of my career, I didn’t have much reason to use that skill set—until SLR Business Credit acquired the FastPay lending portfolio. With that transition, much of the tech and product support the legacy FastPay team relied on was no longer available. That change created a bit of a gap that needed to be filled. Luckily, I felt comfortable enough to step in and take on the challenge. I’ve been figuring things out as I go, and that experience has taught me the value of being adaptable, resourceful, and willing to stretch beyond your job description.

ALEX HERNANDEZ

SLR DIGITAL FINANCE AND SLR BUSINESS CREDIT is proud that our colleague has been selected as an SFNet 40 Under 40 Award winner.

Alex Hernandez CHIEF TECHNOLOGY OFFICER

SLR DIGITAL FINANCE AND SLR BUSINESS CREDIT

Alex Her nandez is the Chief Technology officer SLR Business Cre dit and SLR Digital Finance. He is also overseeing all of our operations including Asset Based Lending, re c ourse and non-recourse factoring and SLR Digital Finance. He plays a highly active and integral role in our overall business dealing with strategic tech planning in addition to day-to-day issues with our entire team. He is also very involved in the inter n al approval pro cess for all new Digital Finance opportunities. We are proud to have Alex on the team.

Our best wishes to all 40 Under 40 re c ipients.

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK MANAGEMENT

DANIEL REILLY Managing Director Ares Credit Group

Daniel Reilly is a managing director in the Ares Credit Group (“Ares”), where he focuses on sourcing, underwriting, and managing a portfolio of asset-based transactions. Dan coleads the consumer product team within Ares Commercial Finance (“ACF”) and is a team leader on the portfolio management team. Prior to joining Ares in 2014, Dan was an assistant vice president at Keltic Financial Services, LLC (“Keltic”), where he focused on portfolio management and monitored credit risk. He holds a B.S. from the University of Colorado in business administration.

How did you get started in the industry? What drew you to it?

My journey into the secured finance industry was inspired by my father, who had a lengthy career in ABL. He helped introduce me to the field, sparked my interest and motivated me to explore it further.

I began my career as an intern at Keltic, gaining invaluable hands-on experience. That internship opportunity contributed to my decision to actively pursue this career path. Upon graduation, I returned to Keltic, honing my skills in operations, portfolio management and underwriting. Following Keltic’s acquisition by Ares several years later, I expanded my expertise into origination, while continuing portfolio management and underwriting. Each role gave me a deeper understanding of the industry. What I enjoy the most is working with a variety of companies and learning the unique aspects of different industries.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Mentorship has been a cornerstone of my professional growth. Every firm is packed with invaluable expertise, and tapping into that knowledge is crucial for development. To grow effectively, don’t limit yourself to seeking guidance from just a select few—embrace diverse perspectives. This approach has been instrumental in my career development, allowing me to learn and evolve alongside the incredible professionals I work with daily. I’d encourage building genuine connections with originators, underwriters, collateral analysts, and others from various backgrounds. Draw inspiration from their unique insights and experiences to refine your own style, leveraging your strengths and aligning with your values.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I recently became a father, which has been both the most rewarding and most challenging thing I have ever done. In ABL, market dynamics

can shift suddenly, requiring you to pivot and adapt your strategies. Fatherhood is no different— children don’t come with an instruction manual, and every day presents new challenges and surprises that demand flexibility and creative problem-solving. Both in parenting and secured finance, resilience and adaptability are essential. These experiences constantly teach me how to navigate uncertainty and make calculated decisions.

Outside of my family, I’m deeply passionate about skiing, particularly backcountry skiing. My dedication led me to take an avalanche hazard management course a few years ago, where I learned how to navigate avalanche terrain safely and minimize risk when selecting slopes to ski. Interestingly, understanding avalanche risk shares remarkable similarities with assessing credit risk in secured finance.

In backcountry skiing, you analyze critical factors such as the history of the snowpack, temperature fluctuations, weather forecasts, slope angles, and local knowledge. These elements collectively help gauge the risk and determine whether the reward is worth it. Similarly, in credit risk analysis, we evaluate historical performance, forecast future trends, hold expert calls and examine current market dynamics to weigh the risk/reward equation. Both disciplines demand a thoughtful approach to balancing risk and reward, alongside a commitment to fulsome preparation and informed decision-making.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld?

One of my favorite sayings is, “If you always do what you’ve always done, you’ll always get what you’ve always got.” To me, this perfectly captures the essence of staying ahead in a fast-paced and constantly evolving field. Innovation and adaptability are non-negotiable—sticking to the same techniques will only yield the same results. As the industry changes, so must your strategies. Staying curious, embracing change, and being willing to refine and rethink your approach are the keys to remaining competitive and effective.

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK

MANAGEMENT

BETH IZZO Director BMO Bank

Beth Izzo is a director and team lead in the Asset-Based Lending group at BMO Bank, overseeing the underwriting and portfolio management of companies in the Metals industry. She began her career in BMO’s credit training program in 2010 and has spent time in middle market cash flow lending, work out, and ABL. Through her varied positions over the last 15 years, Beth has distinguished herself as a respected leader capable of managing a deal through various business cycles. Her versatile experience has enabled her to provide her clients with creative financing solutions that provide immediate liquidity and growth capital. Since joining ABL in 2019 Beth has quickly advanced her career to leading a team and managing complex debt financings while maintaining a focus on portfolio growth. Beth is engaged from deal screening and structuring to due diligence, underwriting, and closing for middle market through large corporate clients, primarily for sole bank and agented transactions. Beth’s client focus, ability to skillfully execute transactions, and in-depth knowledge of credit and risk management have all contributed to her success.

Beth is a 2010 graduate of Illinois Wesleyan University and 2016 graduate of The University of Chicago Booth School of Business. Outside of work, Beth enjoys spending time with her husband and two young boys, reading, traveling, and eating the delicious food Chicago’s restaurant scene has to oﬀer. Beth is involved with the Elmhurst Children’s Assistance Foundation and a member of the Association of Women in the Metals Industries.

How did you get started in the industry? What drew you to it?

For me, the biggest draw to this industry is the intersection of analytical and interpersonal skills. I have always been an analytical, data-driven person, but I am also someone who thrives around people and interacting with others. The commercial bank portfolio manager role is a perfect hybrid of these facets of my personality. I get to dig into financials and models and structure deals, while also interacting with management teams, bank partners, and other professionals on a daily basis. I may be behind a desk working with excel one day, touring a plant the next, strategizing with a CEO and CFO the next, and fostering junior talent the next. This diversity within the job description is what both initially drew me to the industry and has kept me here for the last 15 years.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

From a competitive perspective, I think we will continue to see more consolidation within the industry, driven by product expansion to both grow revenue sources and noninterest income as well as fulfill customers ever changing needs and changing regulatory/capital requirements. Also, while I believe secured finance is a human capital industry, there is tremendous opportunity in terms of automation and technological advancement. Advances in technology can bolster risk management practices, tailor the customer experience, and improve overall efficiencies. Finally, the more complex business and regulation gets, the more collaboration will be needed; customer needs, multifaceted capital structures, and volatile markets will continue to require partnerships between different sectors (banks, non-bank, PE, etc).

As a leader in the industry, how do you foster innovation within your team and company?

It is important to not only create and support an environment in which people are not afraid to speak up or make a mistake and know that their opinion matters, but also take action and follow through when necessary. Receptivity to innovation will fall short if good ideas are never taken beyond the brainstorming session. Creating this environment starts at a level far below innovating for big new ideas, it begins with simple inclusion. Innovative ideas aren’t exclusive to senior management, who better to question why something is done a certain way and disrupt the status quo than someone new or junior who hasn’t yet fallen into the trap of “this is how things have always been done.” Empower them to have a voice.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance. My biggest passion outside of work is my family. I have an extremely supportive husband, who shows up when I can’t and is truly an equal partner. Juggling two working parents isn’t always easy, and working in banking can be demanding, but career is important to both of us, so we make sure we are both equipped to excel both at work and at home. My two sons ground me very quickly – whether they pick me up after a rough day with a giant smile and hug or bring my ego very quickly back to reality after a big win! I love that through my career in finance I can show them a professional, successful, and happy working mom. I truly believe that because I have a career that fulfills me, they get a better version of me as a mom.

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK MANAGEMENT

HANNAH SCHREGARDUS

Asset-Based Credit Officer

Bank of America

Business Capital

Hannah Schregardus is an asset-based credit officer for Bank of America Business Capital (BABC). Hannah manages a portfolio of Middle Market and Large Corporate asset-based loans for customers in a variety of industries including specialty materials, OTC pharmaceuticals, lumber, and building supplies. She is responsible for portfolio monitoring and underwriting, and has experience working on M&A, restructurings, reﬁnances, and workouts.

Prior to joining BABC, Hannah worked as a credit services consultant for Bank of America’s ABL Servicing Team. In this role, she managed the daily loan processing and collateral analysis for a complex portfolio of domestic and foreign asset-based loans. This experience in operations has given Hannah a unique perspective in her current role as she interfaces with clients and their credit services representatives.

Hannah is active in multiple volunteer roles at the bank. As a member of BABC’s Employee Satisfaction Council, she is focused on improving the department’s development of new analysts and is currently working on updating BABC’s training and onboarding resources. Hannah is also active as a facilitator in Bank of America’s LEAD for Women My Internal Networking Initiative where she runs a small networking group focused on career development, networking, and creating strong professional relationships.

How did you get started in the industry? What drew you to it?

I like to say that I got into secured lending as an accident. With an undergrad degree in photography, this career path is not something my younger self saw in my future, nor do I have the typical path for someone in the industry. I spent my first a few years after college in branch banking, which I got into out of necessity right out of college. I quickly learned that I enjoyed working in banking and spent my time focusing on small business and lending, which I found the most interesting. In 2016, I was looking for a change and ended up joining Bank of America’s ABL servicing team without really knowing anything about ABL. I transitioned into credit in 2022 after obtaining my master’s degree in accounting.

While I got into ABL without knowing anything about the industry, I realized early on that this is where I wanted to build my career. I love that there always seems to be something new you can learn in ABL. Whether it be a new business or industry, or just the ever-changing landscape of secured lending, there are always opportunities to learn and grow.

What strategies do you employ for networking and building meaningful professional relationships?

Rather than trying to connect with everyone, I focus on making high-quality connections and growing relationships with key individuals in the bank, including management and business partners, and with individuals at other institutions. Being authentic is necessary for improving these relationships. When I am trying to connect with someone, I approach them sincerely about getting to know them personally rather than just for personal gain. People can tell if you are connecting with them only to get something from them. Instead, I focus on what I can do for them. What value can I

offer? How can I provide needed support?

Maintaining regular communication with people in your network is also key to building these relationships, so I make sure to set up regular times to connect with key individuals. These connects can be at whatever cadence makes sense, but I find that monthly or quarterly makes the most sense for the types of relationships I am trying to build.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance.

I am very passionate about education and learning at any age. This has influenced my work in multiple ways. Whenever an opportunity arises, I volunteer for projects and tasks outside of my usual responsibilities. I seek out new challenges or stretch assignments that will help fill a knowledge gap I have, pursue professional development opportunities such as attending training events and classes, or find mentors who I can work with to continue my learning and development. This drive to learn has helped me get to where I am today.

In addition to focusing on my own learning and development, I help teach others what I learn. This not only solidifies my own understanding of the topic, but it also helps develop the next generation of secured lending professionals. As part of my role in BABC’s Employee Satisfaction Council, I am heading up multiple initiatives to improve our onboarding and training for this summer’s new class of Analysts. These initiatives include updating and creating trainings, improving the visibility of existing trainings, and helping employees connect with subject matter experts so that they can easily take their own learning and development into their own hands.

SFNET’S 40 UNDER 40 PROFILES

PORTFOLIO/RISK MANAGEMENT

JEFF RYAN Principal

Callodine Credit Management

Jeff Ryan is a principal at Callodine Credit Management (CCM). In this role, he is responsible for underwriting and structuring new debt transactions as well as portfolio management. Jeff ’s transaction experience includes M&A, turnarounds, refinancings, and restructurings across a variety of industries throughout North America. Prior to joining CCM, Jeff was a vice president at its predecessor firm, Gordon Brothers Finance Company (GBFC). Prior to joining GBFC, Jeff worked as a senior credit analyst at US Bank. In this role, he was responsible for financial analysis as well as portfolio management. Jeff began his career working as a capital markets strategist at Deutsche Bank where he was responsible for analyzing global trends and fluctuations within the rates, credit, and FX markets.

Jeﬀ received a BA in business, entrepreneurship and organizations from Brown University. In his spare time, Jeﬀ enjoys hiking, skiing, and spending time with his wife and dog at their cabin in Vermont.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

My best piece of advice is to always put yourself in the position to learn as much as possible. For me, this has meant constantly surrounding myself with a team of mentors and colleagues who share and foster this attribute. I feel incredibly fortunate to have spent the majority of my career in structured finance working alongside such a knowledgeable and supportive team. Over the past nine years with CCM (and GBFC beforehand), I’ve been given endless opportunities to take on new challenges while learning closely alongside industry experts on a lean and nimble team. From the steady mentorship I received from our executive team (Gene Martin, David Vega, and Mark Forti) to the hands-on collaboration with our team of managing directors (Caitlin Sanders, Kathy Dimock, and Mike Watson), I have grown in this industry more than I ever thought possible. This industry can be chaotic and overwhelming at times, especially for those who are just starting out. I encourage all young professionals to find a team or mentor that will guide them and embrace the chaos alongside them. I have always believed that nothing great is ever accomplished alone. It takes a team to do something memorable, so find your team and learn as much as possible from those around you.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

My wife and I spend each spring at our cabin in Vermont making maple syrup with the surrounding community. The sugaring and syrup-making process is a labor-intensive, all-day affair. It starts with collecting sap from buckets hung on maple trees throughout the late winter and early spring. Once the sap is collected, you then boil the maple sap over a wood fire to render the sap into syrup. It takes several hours and roughly 40-50 gallons of maple sap to produce one gallon of maple syrup. I learned very early on that making maple syrup is very difficult, if not impossible, to do alone. And to do it properly, it truly takes an

entire village. It was here, at the sugarhouse, that I learned how crucially important relationships and community are for one’s personal growth and enrichment. You learn so much more about your neighbor and your community by chopping wood and transferring sap alongside them for hours on end. The work starts off slowly, and then as the conversations get deeper the work moves more quickly with everyone finding their role in the process that plays to their particular strengths. It is here where you can create lasting relationships with your neighbors just by working together to accomplish a common goal, all while learning more about yourself in the process. Then, at the end of a long day of hard work, you and your neighbors are rewarded with some homemade maple syrup, maple snow, and even some maple-boiled hotdogs – don’t knock it ‘til you’ve tried it! Whether in the office or at the sugarhouse, there’s nothing I enjoy more than bringing people together, putting in some hard work, and making memories with the people around me.

OUDLY CONGRATULATES

Jeff Ryan

being honored as one of SFNet’s 40 Under 40 Award ecipients for 2025

Congratulations on being ecognized for your contributions r team and the industry

CALLODINE COM

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK MANAGEMENT

LAUREN SAGLAMER

Portfolio Manager

FGI Finance

Lauren Saglamer, director at FGI Finance, is a proven leader in domestic and international asset-based lending with a track record of success in portfolio relationship management and client services. In her 17 years at FGI, beginning as an intern and through her current role as manager of portfolio, Lauren helped build the foundation and infrastructure of the firm’s finance division, including some of the long-standing funding policies and procedures, compliance guidelines and risk mitigation infrastructure in use today. She played an instrumental role in opening FGI’s Boca Raton location and building out the current-day collateral team. Lauren also contributed to the early stages of FGI’s Risk and Tech divisions, including FGI Tech’s flagship credit insurance monitoring software–TRUST™ She continues to lead the finance portfolio team where she serves as a leader and mentor to her colleagues as well as a trusted, dedicated advisor to her clients. Lauren holds a degree in finance from Pace University.

How did you get started in the industry? What drew you to it?

The beginning of my career, and the journey since, have been unique and incredibly rewarding. I got my start in the industry in May 2008 as an intern at FGI. I met the FGI team at a financial services career fair at my alma mater, Pace University, and haven’t looked back since.

Although I didn’t intentionally choose secured finance at the outset, it has continued to feel like a dynamic, evolving, and engaging space — even 17 years later. I’ve always had a passion for client services and relationship management, which made my transition to the Portfolio side a natural fit. It’s even more fulfilling when you have deep knowledge of, and genuine appreciation for, the products and solutions you’re delivering to clients.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated?

I’ve observed a recent notable shift in the competitive landscape of secured finance. For quite some time, there were relatively well-defined boundaries across the lending ecosystem — with most institutions operating within their established niches, risk appetites, and areas of expertise. Each lender had a recognizable identity, and it was generally understood where others stood in terms of sector focus, structure preferences, and deal size.

More recently, however, those lines have started to blur. It’s becoming increasingly common to see term sheets that include features or pricing strategies that would have been considered “out-ofmarket” for certain institutions just a few years ago.

As product lines blur and market roles shift, it’s becoming harder for secured finance professionals to anticipate who will show up in a deal and with what offering. In this environment, relationship-building, specialization, and value-added service will be key differentiators.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Early in my career, and still to this day, I’ve been incredibly fortunate to have colleagues at all levels invest in my professional growth, through mentorship, thoughtful feedback, or simply taking the time to include me in meaningful conversations. Because of that, I now take a very intentional approach to pay it forward, especially when it comes to supporting and mentoring women in finance.

For young professionals entering the secured finance industry, my biggest piece of advice is to stay curious. This is a complex, ever-evolving field that requires both technical expertise and strong interpersonal skills. Be proactive about learning, volunteer for projects that stretch you, and don’t be afraid to step outside your comfort zone. Some of the best growth happens when you’re challenged.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance. My family, of course, is my top priority outside of my professional life. Every spare moment is spent with my husband, Ari, and our two boys — five-year-old Santino and three-year-old Luca. On the more challenging days, simply thinking about them gives me the motivation and clarity I need to show up and give my best.

It’s especially empowering for me to show my sons, from such a young age, that it’s possible for a woman in finance to have a fulfilling, successful career while also being fully present and active in their lives. That balance isn’t always easy, but it constantly drives me to be intentional, both at work and at home. Their presence in my life keeps me grounded, focused, and inspired to lead by example in everything I do.

SFNET’S 40 UNDER 40 PROFILES

PORTFOLIO/RISK MANAGEMENT

ALI MOOSVI Director of Risk FundThrough

s director of risk at FundThrough, Ali Moosvi leads the risk, underwriting, and risk analytics teams, driving strategies that elevate ﬁnancial decision-making. He’s known for building robust risk frameworks that support sustainable growth and responsible lending.

Ali operates at the intersection of technology and risk, using data-driven insights to deliver scalable, high-impact solutions. His leadership fuses deep expertise with fresh thinking, enabling his team to simplify complex challenges and execute with speed and precision. This approach has paid off—he automated 25% of all invoices funded and cut supplier credit adjudication time by 86% between May 2024 and January 2025. Before FundThrough, Ali held key roles at Flowcast and Tillful, where he led the development of advanced risk models, launched innovative credit products, and implemented data-backed lending policies that redefined small business finance.

A Venture for Canada Fellow, Ali is passionate about innovation and entrepreneurship in ﬁntech. He holds a Bachelor of Engineering in nuclear engineering from Ontario Tech University, a background that brings sharp analytical thinking to risk strategy and execution.

How did you get started in the industry? What drew you to it?

I was drawn to the FinTech industry as a way to combine my two greatest passions: technology and finance. Early in my career, I developed a clear thesis that technology would become increasingly embedded into every facet of our lives, with finance positioned as the most critical mechanism driving global interactions. The financial system, which includes personal finance, secured finance, private equity, venture capital, hedge funds, and banking, is essentially the lens through which we interpret the world’s collective sentiments and forward-looking beliefs. Recognizing this synergy, I became passionate about how technological advancements could streamline, transform, and profoundly enhance traditional financial services. This conviction led me directly into the heart of the FinTech sector, where I could actively contribute to shaping a more efficient, inclusive, and technologically advanced financial ecosystem.

How do you see the secured ﬁnance landscape evolving over the next 5 to 10 years? What trends should professionals be paying attention to?

I anticipate significant transformation within the secured finance landscape over the next decade, particularly driven by the integration and advancement of artificial intelligence (AI). While AI is often discussed as a buzzword, its potential for radical change is undeniable. AI technologies will increasingly automate and optimize operations, refine risk assessment models, enhance real-time risk monitoring, and revolutionize collections processes. Furthermore, professionals in this space should remain alert to the growing influence of decentralized finance (DeFi) and blockchain technologies. These innovations have the potential to reshape asset securitization processes and introduce greater transparency and accountability within financial transactions.

What do you think are the biggest challenges currently facing secured ﬁnance professionals, and how can they be mitigated?

One of the major challenges secured finance professionals face today is the need for robust, adaptable models capable of responding to realtime events with reliability and precision. The issue is no longer about

the availability of data, but rather how to effectively extract meaningful, actionable insights from vast and often complex datasets. To mitigate these challenges, organizations must invest significantly in advanced analytics and machine learning capabilities. This includes developing more intuitive, adaptive risk management frameworks. Additionally, close collaboration with data science experts and an emphasis on continuous education for finance professionals will enhance the industry’s ability to harness data-driven insights, manage risk more effectively, and optimize strategic decision-making.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Technology, particularly AI, already plays a major role in improving origination processes, enhancing predictive analytics for risk assessments, and enabling more sophisticated portfolio monitoring. Looking ahead, its role will only expand, driving even greater operational efficiency and reducing manual processes across the board. However, alongside these advancements, new risks will emerge, especially around cybersecurity and fraud detection. As secured finance institutions increasingly adopt advanced AI tools, malicious actors will do the same, leading to more sophisticated fraud schemes. The industry must therefore remain proactive in developing robust cybersecurity protocols and continuously refining fraud detection mechanisms to protect assets and maintain trust.

As a leader in the industry, how do you foster innovation within your team and company?

I actively promote innovation within our team by regularly organizing hackathon-style brainstorming sessions designed to critically evaluate our existing methodologies and workflows. In these sessions, we encourage creative thinking, open dialogue, and exploration of new technologies that can streamline our operations. By cultivating an environment that welcomes experimentation and views failure as an essential step toward discovery, we empower team members to propose and develop scalable, efficient solutions.

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK MANAGEMENT

EVIE KRIMM Managing Director Regions Business Capital

Evie Krimm is a managing director and team leader within Regions Business Capital. She is responsible for leading a team of portfolio managers and analysts in end-to-end portfolio management activities for asset-based lending relationships, including large syndications. Her team oversees commercial and corporate clients across various industries, partnering with other areas across the bank. Evie is most grateful for the opportunity to work with rising talent and witness their career progression.

Evie joined Regions in 2013, serving for 2 years as an underwriter in the Dallas Corporate Banking group. Prior to that, she began her career at Bank of America for three years, serving as a portfolio manager within the Commercial Bank. She received a BBA in Finance from The University of Texas at Austin as a member of the McCombs Business Honors Program, and graduated summa cum laude.

Evie resides in Dallas with her husband, Zach, and their two boys, Henry (6) and Joey (3). When not at work, Evie is likely volunteering at a PTA event or playing some type of “ball” with her boys.

How did you get started in the industry? What drew you to it?

Perhaps like others, I initially “stumbled into” the industry. After graduating college, I took a banking job and have been in secured lending in various forms ever since. So, it’s not so much what drew me to it in the beginning, but what has kept me here for the last 15 years – the people I get to work with daily: my colleagues, clients, and partners. I’ve been incredibly fortunate to work with some amazing and brilliant people throughout my career who have generously shared their time, guidance, and expertise. Additionally, within portfolio and risk management, I’ve had the opportunity to enjoy a dual professional role, with the ability to interact directly with clients every day to solve problems, while simultaneously working internally or with external partners to manage risk and meet institutional needs. And along the way, I’ve enjoyed the opportunity to build meaningful relationships on all sides of the table.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

When speaking with younger talent, I often share a piece of advice I received during my business school days: “No one will care about your career as much as you do.” It’s true! We should seek advice and mentorship, but don’t wait for someone else to dictate your path or guide your interests, and don’t underestimate your own knowledge and capabilities! Take ownership in everything you do – this pays off in many ways. Pick up the phone (I remind myself this too). Get to know others. Turn on your camera. Take notes. Don’t forget to have fun. And finally, a favorite piece of advice from my mom: “Life is all about ebb and flow.” Remember, even during challenging or uncertain times in your career, this too shall pass.

What strategies do you employ for networking and building meaningful professional relationships?

Early in my career, I wasn’t very intentional about networking and building professional relationships, but I am still close with many colleagues from those early years. This shows that you don’t need to overcomplicate it! Show up. Be present (off your phone!). Be authentic. Be kind. Ask questions. I always focus on walking into meetings and events with a genuine desire to know others, know their business, and know their successes and challenges. There is always something to learn. And, most importantly, relax and have a good time.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I am most passionate about my family – my husband and our two boys – and making sure we are raising kind and thoughtful humans. When I first became a parent and was new to those challenging early months, I realized how much grit I have (and how little sleep I actually need). And like anyone who’s experienced it would tell you, having kids while navigating a global pandemic was a total whirlwind. I think for many people, if not everyone, the pandemic gave us a shift in perspective to what truly matters. Today, that same grit and determination, combined with a clear understanding of my true priorities, is what ultimately guides my professional life and my ability to connect with others.

Regions

Evie Krimm Managing Director Regions

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK MANAGEMENT

PAOLA SOCCI Associate Portfolio Manager Siena Lending Group

Paola is an associate portfolio manager at Siena Lending Group, based in Stamford, Connecticut. She began her career at Siena as an analyst and was involved in numerous complex transactions. Recently, Paola was promoted to the Portfolio Management & Risk group, where she manages a diverse portfolio of middle market borrowers across a range of industries. Prior to joining Siena, she gained experience though various internships in ﬁnance, most notably Tudor Investment Corporation.

Paola holds a Bachelor of Science degree in economics and political science from the University of Connecticut. When she is out of the office, she dedicates her time to serving a local charity organization in the Stamford community.

How did you get started in the industry? What drew you to it?

I began my career in ABL as an analyst at Siena. I was drawn to the unique mix of analysis, problem-solving, and real-world impact that ABL offers. Building a borrowing base isn’t just about running numbers — it felt more like investigative work. You’re piecing together financial information, looking for patterns, asking questions, and uncovering the subtle details that could affect risk or collateral. There’s a certain logic to it, almost like detective work, and I found that incredibly interesting.

What really pulled me in was the need to think critically and stay curious. In ABL, no two businesses are exactly alike, and that means no two deals are either. There is always something new to learn — whether it’s touring a manufacturing facility, or learning about how a specific industry’s cycle might shape collateral risk. You constantly have to connect the dots and adjust your lens. That kind of ongoing challenge is what inspires me to want to stay and grow in the field.

Now, working in portfolio management, I get to apply that same investigative mindset while also helping companies navigate key moments — whether they’re scaling rapidly, restructuring, or dealing with seasonal pressures. I’ve come to really enjoy the relationship side of the role as well — working closely with borrowers and internal teams to find solutions that are both practical and strategic.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

From my experience, the biggest advice I would give to young professionals looking to build a successful career in secured finance is to lead with a strong work ethic and stay committed to learning. Don’t be afraid to ask questions or admit when you don’t understand something, that’s often when the best learning happens.

Equally important is putting yourself out there, even when it feels a little uncomfortable. Whether it’s speaking up in a meeting,

volunteering for a new project, or introducing yourself to someone you admire in the industry — growth happens when you push yourself beyond your comfort zone. These moments help build your confidence and can open doors you didn’t even know existed.

Finding a mentor is also a game changer. Look for individuals whose career paths or leadership approaches resonate with you. The right mentor can provide valuable insight, push you to think differently, and help you navigate everything from long term strategy to day-to-day challenges.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secure ﬁnance?

Outside of work, one of my passions is playing the violin — something that’s been a part of my life from a young age. While it might seem worlds apart from finance, music has taught me a lot about how to approach my career. Practicing the violin requires consistency, focus, and commitment to refining the smallest details — all of which are essential in business, especially when you’re working through complex deals or analyzing risk.

Beyond the technical discipline, music has taught me the art of listening. When performing a piece, you’re constantly attuned to subtle shifts in dynamics, rhythm, and tone. That same skill has carried over into my perspective in the office. Whether I’m in a meeting or reviewing a borrowing base, I try to pick up on what’s being said — and just as importantly, what’s not. It’s about reading between the lines, identifying potential challenges early, and ensuring that everything fits together in a way that makes sense holistically.

Congratulations, Paola Socci!

All of us at Siena Lending Group would like to congratulate our own Paola Socci on being honored as one of SFNet’s 40 Under 40 Award winners for 2025. You represent the next generation of industry leaders as a key contributor both at Siena and within the larger secured finance community. We’re proud to celebrate this well-deserved recognition and excited to see what you’ll accomplish next.

SFNET’S 40 UNDER 40 AWARD WINNER 2025

SFNET’S 40 UNDER 40

“This honor is especially meaningful because Paola has risen quickly from her starting role at Siena to become a valuable member of our risk management team. It’s a testament to her talent, hard work and passion for supporting the growth and success of our clients.”

SCOTT ELLIOTTO PRES IDENT & CEO SIENA LENDING GROUP

SFNET’S 40 UNDER 40 PROFILES PORTFOLIO/RISK MANAGEMENT

NICKIE LUND Managing Director

Wells Fargo Channel Finance

Nickie Lund is a managing director in Wells Fargo’s Channel Finance division. In her role, Nickie is responsible for leading a global team of senior relationship managers covering a broad portfolio of technology manufacturers & distributors across North America, LATAM, EMEA & APAC; providing outbound financing and working capital solutions to facilitate the sales of product & services through the channel. Nickie began her career with Wells Fargo in Chicago as an underwriting analyst; later embarking on business development and relationship management roles within supply chain finance and corporate & investment banking. Nickie graduated with Honors from Marquette University in Milwaukee, WI with a B.S. degree in finance and information technology. She currently resides outside New York City with her husband, Brendan, and their three children.

As a leader in the industry, how do you foster innovation within your team and company?

I’m fortunate to work with a tremendous team of individuals – many of whom have been in the Channel Finance space for decades. Their deep understanding of the industry, and close, trusted relationships with clients, is a major part of the secret sauce that makes our business so unique.

The financial services industry is constantly evolving. Client needs and preferences change, technological advancements are at the forefront, and on-demand access to information has become commonplace. We foster innovation by keeping the client at the center of everything we do and investing in our solutions to mitigate their pain points. What’s working, what’s not, what are the gaps you’re trying to solve for? We collectively bring that feedback to the table and challenge ourselves to evolve our solutions to meet not only the immediate challenges of today, but also what we foresee to be the challenges or opportunities of the future.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Be curious and say yes to (almost) everything: you’ll find yourself more fulfilled in your career if you make the effort to discover what’s beyond your desk & four walls. Continuously learning and asking questions can lead you to unexpected opportunities.

Balance being ambitious with being patient: the two concepts are often at conflict with each other – especially for the strongest performers. It’s tempting early in your career to job-hop for quick raises and title bumps. Challenge yourself to be present and intentional with your career.

Learn to be comfortable with change: when change inevitably comes, identify a problem or business need that your manager has, learn or refine a skill to solve that need, and then do that skill better than anyone else. In my experience, this is the most

constructive and effective way to earn yourself a sponsor within your organization.

What are some strategies or habits that have helped you stay ahead of the competition in such a fast-paced and evolving ﬁeld?

During Covid when we were largely remote, someone on my team made a passing comment. I can’t recall now the context, or even who said it, but I wrote the quote down on a Post-It and it’s been taped to my monitor ever since: “A brand is a promise of a repeatable experience.” Whether it’s my personal brand or our corporate brand, I strive every day to show up, do my very best, and then show up tomorrow and do it again. My team operates in the same way. In a fast-paced environment where organizations, technologies, and regulations are rapidly changing, our consistency of service and execution has only gotten stronger. I take immense pride in our team’s commitment to deliver what we say we can deliver. And that consistency and ‘repeatable experience’ is what strengthen the deep, trusting partnerships with our clients.

SFNET’S 40 UNDER 40 PROFILES

CLINT COOPER Director of Operations

ABLSoft

Clint Cooper is a seasoned operations executive and entrepreneur with a passion for ﬁnance, technology, and data. As director of operations at ABLSoft since 2023, he leads multiple departments including implementation, customer success, compliance, and support—driving strategic initiatives and operational excellence in a dynamic SaaS environment.

Clint’s career spans both startup and enterprise settings, including two years at Great American Group, nearly seven years at Validis, and seven years at Experian. Those roles placed him in Boston MA, London, England, and Austin, TX. Here, he built and scaled cross-functional teams, managed a $30M customer renewal portfolios, and led technical implementations for global clients in the accounting and ﬁnancial sectors.

In addition to his corporate experience, Clint is the owner and board member of TWS Motors, a classic British automotive restoration and ecommerce business. When not working, Clint spends his time travelling with his family, coaching kids sports, and enjoying the outdoors.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

The first piece of advice I would give is that some things take time and learning doesn’t happen overnight. You learn and become a leader through experiences, both good and bad. Embrace those moments you fail and learn from them. Enjoy the moments you succeed and revel in them.

The last piece of advice would be to find a mentor. Find someone that you aspire to be or has been through a similar path that you’re looking to take. If possible, work alongside that person as long as possible. I’ve had many great leaders and mentors in my life, from parents to CEOs. Learn from them what you can and then emulate that in your day-to-day personal and professional life.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Technology, specifically AI, is already changing how businesses run. From the headcount needed to run a large business, to where those businesses are being run (remote, global), to shifts in consumer demands, specialty finance will have to adapt to these changes.

Being on the software side, I think we are well poised to capitalize on these changes. Embracing AI behind the scenes of your business is paramount, and businesses/people will be left behind if they do not start using these technologies. At ABLSoft we are using AI daily, both in our day-to-day jobs, and in our software development/feature sets. From simple things like helping craft an email or making a social media post, to more complex things like reviewing code, or analyzing trends, we are making the most of what’s available.

As it relates specifically to the lending side of our industry, I believe technology will allow lenders to make faster loans, faster decisions, and lend more capital without taking more risk. This will be done by

collecting data more often, being automatically digested and analyzed via AI, with the technology making the lending decisions with little human oversight.

What strategies do you employ for networking and building meaningful professional relationships?

The first thing anyone can do is have an idea of where you would like to go in your career and surround yourself with people who are on the same journey or have already walked down that road. It helps to have a peer group to go through these things with, and a group that can help you navigate through challenges.

From there, I believe that there are a lot of cross overs between great personal and professional relationships. Following up with people from time to time without a specific reason, making notes of their family life and interests, scheduling a quick phone call instead of an email to see how things are going. These things are easy and do not take much time, but go a long way. Lastly, use the tools that are out there, like LinkedIn, SFNet chapters, and social media groups to find and stay in touch with those in your industry.

SFNET’S 40 UNDER 40 PROFILES UNDERWRITING

BRIAN DARAY SVP, Underwriting Manager

Republic Business Credit

Brian Daray is a seasoned financial professional with over 15 years of experience in the secured finance industry, known for his expertise in underwriting, field examinations, leadership, and client relationship management. A finance graduate from the University of New Orleans, Brian began his career in insurance sales before joining Capital One, where he rose to department manager in asset-based lending.

Brian later joined Crestmark, where he had a senior role in a high-performing underwriting team. Since 2022, Brian has made a transformative impact at Republic Business Credit by streamlining underwriting processes, expanding and developing the team and supporting record-breaking credit facility growth in 2024.

Beyond his role, Brian is active in professional development through the Secured Finance Network and community advocacy. Recognized for his leadership, innovation, and mentorship, he is regarded as one of the best hires in his manager’s 20+ year career in commercial ﬁnance.

How did you get started in the industry? What drew you to it?

I started as a field examiner for a major bank. I took a class in college that involved a mock audit of a bank and its practices. It was one of my favorite classes so when I saw a job opening that seemed familiar to it, I immediately applied. Shortly into onboarding it was clear I would enjoy the job. Traveling to different cities and experiencing different industries was immediately interesting. The work took me to places I never otherwise would have gone, and I got to experience places, people, and industries in ever corner of the U.S. I also enjoyed learning about the inner workings of different companies and crafting collateral structures to box in the unique risks inherent in each scenario.

How does technology (e.g., AI, blockchain) impact secured ﬁnance today, and what role do you think it will play in the future of the industry?

Throughout my career I have witnessed the major impact technology has had on secured finance. Advances have allowed faster and more well-informed decisions. When I first started out it wasn’t uncommon to review large folders of green bar paper when auditing a prospect. Manually reviewing each line and adding each line when reconciling various reporting. Now we can link directly into a borrower’s ERP, automatically review and classify activity, and even use AI tool to detect fraudulent documents. Even simply using spreadsheets to parse large volumes of data into more userfriendly formats greatly expedites the review process.

Ancillary tools have also continued to improve our ability to conduct business. During my first field exams, my trainers were using paper maps to determine the best route to a company. I felt more advanced using the maps on my phone. However, the live navigation often sent me to the wrong place as it wasn’t yet reliable outside of major cities.

As technology continues to evolve it will continue to enhance our ability to underwrite and service clients. We will be able to leverage

predictive lending to forecast behavior and risk to address problems faster. We will be able to gain deeper insight into a borrower to allow for more customized loan structures and we will be able to further automate underwriting, monitoring, and servicing platforms.

As a leader in the industry, how do you foster innovation within your team and company?

It’s important to remain open to new ideas and challenge existing ones. When the leader is curious and open to change, the team feels safe to follow suit. Within my team I foster a collaborative environment where feedback and suggestions are encouraged and acted upon. As a group we are always looking for ways to streamline the process, creativity box in risk, and improve client experience.

It’s also important to break down silos and solicit feedback from all areas of the business. Some of the best innovations come from unlikely collaborators. It can be difficult to recognize areas where we “have always done it that way” and a fresh set of eyes can help illuminate and eliminate pain points.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance?

Be consistent, always follow up, and come prepared. Spend time understanding the mechanics of secured lending inside and out. Learn all the rules of the game from collateral structures, risk assessments, and covenant packages to UCC filings, loan documents and intercreditor agreements. Read credit agreements, analyze borrowing bases, ask questions, and sit in on as many deal negotiations as possible. Learn how decisions are made and trust your instincts when it’s your turn to make the decision.

SFNET’S 40 UNDER 40 PROFILES UNDERWRITING

MICHAEL STAVRAKOS Managing Director SLR Credit Solutions

Michael joined SLR in 2022 and is responsible for structuring, underwriting, and managing both new and existing investments. He has over 15 years of experience in secured lending to middle market and large corporate companies across a breadth of industries in the United States and abroad. Michael’s prior work experience included various credit and relationship management roles within Wells Fargo Capital Finance following his graduation from the bank’s financial analyst training program. He has spent most of his career covering retail and consumer companies working on mergers and acquisitions, corporate finance, bankruptcies, and complex restructuring transactions. Michael graduated from Bentley University in 2009 with a bachelor’s degree in economics and finance and went on to obtain his master’s in finance from Bentley in 2010. He and his wife, Lindsay (also a Bentley graduate), live near Boston with their son, Leo (2), and recently welcomed their second son, Callan, this spring.

How did you get started in the industry? What drew you to it?

I have always had an interest in financial markets, with a bias towards private equity and debt investing, which as many know is such a broad field and could mean anything, especially someone fresh out of college. As someone who started their career amid a financial crisis with The Great Recession, the opportunities in the industry were scarce and highly competitive. So, instead of taking the first job available, I completed my master’s degree and utilized that time to network for the right opportunity, which happened to be at WFCF (f/k/a Foothill Capital) in their rotational analyst program spending six months at a time in their various ABL lending units.

What drew me to the asset-based lending industry the most was the ability to dig in and work with several different companies at various stages in their life cycle, such that it did not feel as if I was working for only one company. While cash flow deal making tends to ebb and flow with the macroeconomic market, ABL deals are often always in demand given underwritings if structured appropriately are assumed to mitigate the worst. Depending on the day, my portfolio could consist of a performing cash flow business that liked the certainty of an ABL structure, a highly levered business following a LBO or M&A transaction, or a deteriorating business that needs incremental capital as part of a turnaround or restructuring (in or out of court) strategy.

What advice would you give to other young professionals looking to build a successful career in secured ﬁnance? Take control of your own destiny and do not expect or wait for someone else to do it for you. If you have a performance review with a manager and they say, “just keep doing what you’re doing”, push them for more and continue to challenge yourself. There is always room for growth, and you may be surprised to find that there is always something still to learn at every stage in your career. So, if you find yourself just going through the motions and

doing the same things day in and out, then you are not growing and should be asking yourself and those around you what you could be doing to advance yourself.

I would also say to challenge the status quo and just because something has always been done a certain way does not mean it is correct. Everyone brings a unique perspective to the table, and while your view may not be accepted it is better to voice it and make others think than take the effortless way out and go with the flow.

What are you most passionate about outside of your professional life, and how do those passions inﬂuence your work in secured ﬁnance?

I find that it is important to remember that we all work to live and not live to work. Adopting a healthy work life balance is crucial to being able to succeed both professionally and personally. Outside of work, I enjoy spending time with friends and family doing the things that I love, whether that’s traveling (more specifically someplace warm with a beach), going out to eat, or spending time in the great outdoors (hiking, biking, running, walking, golfing, playing soccer, or just taking my son to a playground). I find that supporting a well-balanced lifestyle enables me to be more focused and organized thereby being more productive and efficient.

5 YEARS LATER: Remote Work’s Enduring Impact on the Secured Finance Industry

BY MEREDITH L. CARTER

March 13, 2025 marked five years from when we all initially started working from home with the COVID-19 lockdowns. The secured finance industry, just like other industries, continues to grapple with determining the best practices and preferred “new normal” around remote work. And there does not yet appear to be a consensus. It is not a right or wrong decision – it needs to fit with the roles, experience level, geographic proximity, and preferences of individual teams. This sectional analysis reviews the varying opinions of leaders in the secured finance industry, who open up about their own experiences and determinations. The article discusses longitudinal research and various work-from-home (WFH) culture, productivity, inherent advantages and disadvantages, the ongoing “WFH Fridays” debate, learning and development, hiring, training, and communication. The leaders quoted in this article are from a mix of large and small companies that run the gamut on their 2025 WFH policies and preferences.

Culture: Cultivating Connection in a Distributed Realm

As was the case with most companies, Haversine Funding at first tried to work fully remotely, but it became clear to its co-CEO Gen Merritt-Parikh fairly quickly that for its small team of people in growth mode, “…[w]orking in the same space - at least most of the time - worked better for us.” Merritt-Parikh expanded on that conclusion, “being in person helped learning and ideas move faster, decisions come quicker, and culture stick.” This comports with Society for Human Resource Management (SHRM) research highlighting the difficulties of maintaining a strong remote culture, citing impaired camaraderie and shared identity.

For deliberately fully remote companies, like Edge Capital, an asset-based lender with a workforce of 24 people located across 14 states, fortuitous water cooler run-ins must be replaced with intentional culture-building activities and strategies. To nurture culture, Edge employs tactics like a team book club to create a shared language, universally views decisions through the lens of the company’s “core values,” and employs a “no-jerks” policy. Edge also established cultural norms, such as mandatory video calls and a shared understanding that impromptu video calls are a replacement for physical door knocking. Kendall Covington, a senior collateral analyst for Edge, agreed. “Having clear communication [norms] and well-defined goals allows a team to operate just as fluidly as an in-office environment. The ability to connect with other colleagues in another state by a simple phone call allows for a more collaborative and engaging atmosphere.” From her experience working from home for Edge for the last five years, Covington concluded, “I strongly believe that it is possible to have a true culture, learn, and grow as a professional within a remote environment as long as there is a solid structure that is built on communication and trust.” Also, creating purposeful remote meetings can lead to greater focus. In an office, hours

a week are often wasted chatting. With remote work, meetings are time boxed and have set purposes. Gallup research also supports that strong communication and a sense of purpose are vital for building remote team culture.

Article author, Edge’s CEO and president, Meredith Carter, has found that for remote meetings to be successful, all team members attending the meeting must be remote simultaneously, “when some team members are in the office, but others are not, it doesn’t work,” she noted. “People need to have a regular flow to their days and minimize context switching to stay focused and organized,” she opined. This sentiment was echoed in a 2023 Harvard Business Review article suggesting that hybrid models can breed “in-group” and “out-group” dynamics, potentially fracturing team cohesion.

In slight contrast, Angela Fiorentino, counsel to Gulf Coast Bank’s factoring and lending subsidiaries, believes that a hybrid model works best for culture building. She believes that meeting in person is what is ideal, but understands that should be on balance with employee satisfaction, well-being, and work-life balance. When her team is in the office together, they “aim to make face-to-face interactions as productive and enjoyable as possible by organizing team-building events. Previous activities have included a cornhole tournament, succulent planting session, and a visit from local rescue puppies. These initiatives not only promote camaraderie among team members, but also improve collaboration and communication during our in-person meetings.”

Similarly, Access Capital has evolved from becoming fully remote at the start of the pandemic to a hybrid model. Access Capital’s chief credit officer, John Belling, shared how they determined that conclusion, “both through internal surveys and objective deliverable requirements [we have determined], that the vast majority of our tri-state area employees are happier, work longer hours, and are more productive when working from home than in the office.” He continued, “aside from in-person onboarding, training, and coaching, we also have multiple inperson, week-long, team and culture-building sessions annually, at which we see greater focus, participation, and collaboration because the team is not together on a daily basis, so the events take on a special feel.”

Productivity: Autonomy and Output in Remote Settings

Remote work’s impact on productivity has been widely debated.

MEREDITH L. CARTER Edge Capital Lending, LLC

Kendall Covington attests, “working from home has greatly spiked my productivity and willingness to learn [because I am able to do so] in a stress-free environment.” Karen Marino, Edge Capital Lending’s managing director of underwriting, concurs: “Working from home has been transformative...granting greater flexibility, improved efficiency...” Numerous studies, including those by Stanford economist Nicholas Bloom, initially indicated a productivity surge for remote workers, especially in focused tasks. However, Lawrence Ridgway, senior business development director at Mitsubishi HC Capital America, offers a crucial caveat: “It requires significant discipline—both to structure the workday and to remain connected with colleagues absent the water cooler.” More recent findings suggest that while individual productivity can rise, maintaining team productivity and collaboration necessitates deliberate effort. Meredith Carter states directly regarding productivity, “If you are lucky enough to work with a team of people that you can really trust, it’s easy to give them the autonomy to manage their own schedules knowing they will still get their work done. If you fear that people are lying to you or slacking off, you have a personnel issue, not a work venue issue.” This aligns with the principle of autonomy often cited as a remote productivity driver.

Pros: The Advantages of Distributed

Frank Grimaldi from Gordon Brothers adds perspective on the advantages: “Remote work has become a significant part of the workforce, particularly since the COVID-19 pandemic, which provides a number of advantages within the secured finance industry, but also presents some challenges. Advantages of remote work include more flexibility and work-life balance for employees and increased productivity and access to a broader talent pool for companies. As an example, at Gordon Brothers, we have over 200 people in our valuations and diligence services group in North America alone and spend a great deal of time on the road on-site with clients. Having a geographically diverse employee base enables us to better serve our clients.”

Learning and Training: Fostering Professional Development

Work Remote work’s advantages have become increasingly evident. John Belling points to a key hiring benefit: “...we’ve expanded our geographic reach to the best national candidates rather than merely top NYC-centric talent, often hiring superior talent at a lower cost.” This aligns with a 2024 LinkedIn report showing a marked increase in remote job applications and candidates’ willingness to consider roles beyond their immediate locale. Angela Fiorentino notes the positive effect on employee well-being and retention: “...remote work enhances employee satisfaction and well-being, aiding in attracting and retaining top talent.” Studies consistently show that work-life balance and flexibility are highly valued, boosting job satisfaction and reducing turnover. For individuals, as Karen Marino observes, “It’s given me greater flexibility, improved efficiency, and saved countless commuting hours.” Lawrence Ridgeway concurs, “Working from home offers incredible flexibility and eliminates hours lost to commuting, allowing me to focus more time on what truly matters.”

These varying preferences underscore the need for secured finance companies to consider these generational nuances when formulating remote work policies to cater to a diverse workforce and optimize productivity across age groups.

Remotely

The shift to remote work has also altered learning and professional development. Lawrence Ridgway concurs, stating, “...the lack of in-person collaboration can impede organic peer learning and junior associate development.” Organizational learning research often highlights the importance of informal mentorship and “learning by osmosis” in physical workspaces. To counter this, intentional strategies are crucial. John Belling mentions “in-person onboarding, training, and coaching” as essential. Kendall Covington noted a benefit to virtual trainings. She pointed out that by being able to share a computer screen during training, it “adds to the efficacy of collaboration and knowledge sharing.” Successful remote learning demands proactive engagement, structured programs, and leveraging technology for knowledge sharing and mentorship. A blended approach seems key, leveraging technology for accessible, ongoing training while strategically incorporating in-person sessions for crucial onboarding and skill-building, where feasible and necessary. Research suggests that interactive virtual training, incorporating breakout sessions and simulations, can be highly effective.

Hiring: Expanding the Talent Horizon

A significant shift from widespread remote work acceptance is a lasting impact on hiring. As Belling highlighted above: “We’ve expanded

our geographic reach to the best national candidates rather than merely top NYC-centric talent.” This aligns with numerous reports showing that remote work opportunities attract a broader, more diverse applicant pool. Fiorentino also recognizes its importance in talent acquisition and retention. Carter emphasizes a geographically neutral, but communication-intentional, approach to remote team hiring, noting that Edge “requires all potential team members to take a communication style assessment before joining, hiring not just those who fit the team technically, but also communication-wise.” This proactive soft-skill assessment is increasingly common for remote roles. However, Carter concedes a limitation: “We don’t typically hire inexperienced individuals right out of school for specific roles because that learning dynamic is difficult for both employee and employer.” This suggests that while remote work broadens the geographic talent pool, experience levels and the need for initial hands-on guidance may still influence hiring, especially for entry-level roles where mentorship and direct supervision are often critical.

Communication: The Lifeline of Remote Teams

Effective communication is especially paramount in remote and hybrid setups. Karen Marino emphasizes intentionality: “Lacking the ability to simply drop by someone’s office, I’ve learned to be more thoughtful and purposeful in reaching out—whether for updates, brainstorming, or virtual catch-ups.” Merritt-Parikh highlights their structured communication: “...daily Zoom check-ins for everyone (even in-office attendees join via Zoom), weekly meetings, monthly 1:1s, regular fly-ins, etc.” Meredith Carter underscores communication fit in hiring and mentions Edge Capital’s practice of “1-1 meetings solely to discuss communication style challenges.” Furthermore, they conduct “all meetings on video” to enhance connection and even foster shared identity with “usually the majority wearing Edge-branded gear.”

Carter also highlights a significant communication benefit for introverted team members in a permanently remote setup: “having each person on a screen in an equal-sized rectangle gives less vocal individuals a platform to be heard. It levels the playing field, eliciting more from introverts.” This observation is supported by virtual meeting dynamics research, suggesting that well-facilitated video conferences can indeed offer a more equitable participation forum.

Cons: Navigating the Challenges of Remote Work

Despite the benefits, remote work also presents drawbacks. Haversine Funding’s Merritt-Parikh raised a key concern: “In-person interaction expedited learning and ideation, quickened decisions...” highlighting the potential for slower knowledge transfer and decision-making remotely. Organizational behavior research often emphasizes the importance of office “serendipitous encounters” for fostering innovation and problem-solving. Lawrence Ridgway stresses the risk of isolation: “Without intention, one can easily drift outside informal communication and team development.” Studies consistently cite feelings of isolation and loneliness as significant remote work challenges for some.

Frank Grimaldi of Gordon Brothers elaborates on the

challenges: “Remote work can also prove challenging, particularly when onboarding and training new employees as there is so much learned by observation and in-person interactions that can be more difficult over a Teams or Zoom call. At Gordon Brothers, we embrace a hybrid model that combines the flexibility of remote work with the collaborative benefits of in-person interaction through both remote and in-office days, and are thoughtful about what our employees need to thrive within the organization and best serve our clients.”

Specifically, the “WFH Friday” concept often sparks debate about actual productivity. Meredith Carter opines strongly that for hybrid models, “Work-from-home Fridays simply become errandrunning Fridays.” This view aligns with anecdotal evidence and some manager surveys suggesting a perceived productivity dip on Fridays in hybrid arrangements. However, this perception may stem from unclear expectations or monitoring. It is possible to utilize technology to help monitor and organize remote and hybrid employees. Jeff Goldrich, CEO of SLR Business Credit, agrees. “My personal concerns about the benefits of impromptu in-person office training and camaraderie, notwithstanding, this is a reality that [working in a hybrid model] appears to work because of enhanced technology.” Companies can utilize tools like Microsoft Teams to monitor active work patterns and timing and also to log meeting attendance, ensuring accountability regardless of the day of the week.

The Impact of Remote Work on Company Culture: Research and observations over the past five years have yielded significant insights into remote work’s effect on company culture:

WFH Cautions:

Weakened Social Bonds and Isolation: A key detriment of remote work is the erosion of informal social interactions inherent in an office setting. The absence of “water cooler” moments and spontaneous encounters can breed feelings of isolation and disconnection among team members (Jus Scriptum Law, 2024; Coworking Resources, n.d.), impeding the development of strong interpersonal bonds and a sense of belonging.

Communication Challenges and Information Silos: Remote work can amplify communication difficulties. Reliance on digital tools can lead to misunderstandings from a lack of nonverbal cues, heightened potential for misinterpreting tone, and information silos where teams operate independently with limited interaction (Happy Companies, 2024; Jus Scriptum Law, 2024), hindering collaboration and knowledge sharing.

Difficulty in Maintaining a Shared Identity and Values: Without a common physical space, reinforcing company values and a unified organizational identity becomes harder (Happy Companies, 2024; Emerald Insight, 2024). The diminished daily immersion in the company’s ethos can weaken employees’ connection to its core principles and

goals, potentially lowering morale and engagement.

Challenges in Fostering Enthusiasm and Motivation: Inspiring passion and a shared sense of purpose is more arduous across a dispersed team (Coworking Resources, n.d.). Absent regular social engagement and the collective energy of a shared workspace, stimulating enthusiasm about the company’s mission and goals can be challenging for all but the most intrinsically motivated.

Increased Risk of “Out of Sight, Out of Mind” Mentality: Remote employees may perceive themselves as missing out on work activities, discussions, opportunities, and guidance, leading to a sense of being marginalized (CultureWise, n.d.). This can generate anxieties about career progression and equitable treatment compared to in-office colleagues.

WFH – Why it Works:

Intentional Communication Strategies: Companies successfully navigating remote work prioritize clear, consistent, and multi-channel communication, encompassing regular virtual meetings (team and individual), effective use of collaboration platforms, and established communication norms (Happy Companies, 2024). Some implement daily check-ins or virtual “water cooler” sessions to foster informal interaction.

Virtual Team Building and Social Connection: Proactive efforts to forge social connections in a virtual environment are crucial, including virtual happy hours, online games, virtual coffee breaks, and dedicated non-work-related communication channels. Some companies even organize virtual team retreats or in-person gatherings when practicable.

Reinforcing Company Values Deliberately: Companies with strong remote cultures weave their core values into all virtual interactions, discussions, and decision-making (Happy Companies, 2024). Leaders actively model these values, often integrating them into virtual onboarding and training. Recognizing and rewarding value-aligned behaviors is also key.

Focus on Employee Well-being and Inclusion: Successful remote cultures prioritize employee well-being by promoting work-life balance, offering mental health resources, and fostering inclusivity, including flexible work policies, encouraging breaks, and ensuring equitable access to opportunities regardless of location.

Leveraging Technology for Culture Building: Technology can bolster remote culture via virtual collaboration tools, recognition platforms, and even virtual social spaces. Some use internal communication platforms to share company news, celebrate successes, and facilitate informal interactions.

Research Insights

Intriguingly, some research suggests that while remote work significantly affects culture, a strong overarching corporate culture may be a more potent factor in job satisfaction and retention than remote work arrangements alone (CEPR, 2025). Feeling valued at work, for instance, appears a strong predictor of positive outcomes, underscoring the importance of recognition and a supportive work environment, irrespective of location.

Generational Differences in Work from Home Preferences and Productivity

Opinions and experiences with remote work often diverge across generations, as highlighted by several studies:

Generation Z (born 1997-2012): Gallup data indicates Gen Z is least inclined toward “exclusively remote” setups, favoring hybrid work to facilitate learning, build relationships, and integrate into company culture (Wigert, 2024, citing Gallup). This aligns with findings that younger workers may prioritize in-person interaction for career advancement and social connection ( Harvard Business Review , 2023).

Millennials (born 1981-1996): This generation often exhibits a strong preference for remote work due to its flexibility and work-life balance. Studies analyzing large datasets suggest Millennials are more likely to seek and value remote work options (Bloom, 2023, analyzing Stanford research).

Generation X (born 1965-1980): GenX exhibits a complex relationship with remote work, balancing both advantages and challenges. Many Gen Xers appreciate the financial benefits of remote work, such as saving on commuting costs and increased schedule flexibility. A survey found that 60% of Gen X employees noticed savings in a hybrid or remote work model, and 56.5% cited schedule flexibility as a primary reason for choosing remote work. Gen Xers often find adapting to rapid technological changes and managing blurred boundaries between personal and professional life challenging. A report from the Society for Human Resource Management indicated that 62% of Gen X employees felt they were falling behind in digital skills necessary for remote work success.

Baby Boomers (born 1946-1964): Interestingly, some data suggests Baby Boomers can also report high satisfaction with remote work, valuing autonomy and reduced commute times, potentially enhancing focused productivity (Bloom, 2023, analyzing Stanford research). However, some reports indicate Baby Boomers are more likely than other generations to prefer a fully in-office work environment compared to Millennials and Gen X (as cited in Harvard Business Review , 2023, referencing various studies).

These varying preferences underscore the need for secured finance companies to consider these generational nuances when formulating remote work policies to cater to a diverse workforce and optimize productivity across age groups.

Alternatively, differences may have less to do with generational stereotypes and more to do with personal preferences and individual circumstances. Jeff Goldrich noted, “I do believe that this will create classes of talent, i.e., those who are committed to office attendance and in-person interaction, unprotected by the confines of working from home, and those who take a perceived safer and more convenient approach of not being in the office.”

Variations in Remote Work Productivity by Role

Research reveals that remote work’s impact on productivity is not uniform across all roles, influenced by several factors:

Task Dependence and Collaboration Needs: Roles demanding high real-time collaboration, brainstorming, and spontaneous interaction may see diminished productivity remotely, as Gen Merritt-Parikh’s observations suggest. Conversely, roles involving more independent, focused tasks often experience maintained or increased productivity remotely (IMF, 2024; ActivTrak, n.d.).

Need for Specialized Equipment or Physical Presence: Certain roles inherently require specialized equipment or a physical presence, rendering remote work less impactful or impossible.

Supervision and Training Requirements: Roles needing close supervision, like junior positions, may face remote productivity challenges due to the difficulty of ondemand guidance (Work from Home Research, 2023), a point echoed by Meredith Carter regarding not hiring inexperienced individuals for fully remote roles.

Communication Intensity and Style: Roles heavily reliant on nuanced communication and relationship building might encounter remote productivity hurdles (Happy Companies, 2024), though it can also foster more deliberate communication, as Karen Marino noted.

Self-Discipline and Motivation Levels: Remote work productivity hinges on individual self-discipline and intrinsic motivation (as Lawrence Ridgway noted), leading to significant variations in less directly supervised roles.

Studies indicate that industries with a high proportion of computer-based and office-centric occupations have generally adapted well to remote work, with some productivity gains (BLS, 2025), unlike industries requiring more in-person presence.

In conclusion, the secured finance industry’s experience with remote work continues its evolution, shaped by a complex interplay of technological advancements, individual preferences, and organizational imperatives. The future likely holds a more nuanced, flexible landscape where understanding and accommodating generational differences in remote work preferences and productivity will prove crucial for success. The key lies in a thoughtful, adaptable approach that prioritizes both business needs and the evolving needs of each individual workforce.

Meredith L. Carter is the president and CEO of Edge Capital Lending, LLC (“Edge”), a specialty finance company backed by a family office. She oversees strategic direction and daily operations and sits on the firm’s Credit Committee. Under her leadership, Edge has grown from two loans to nearly $500 million in commitments. Edge differentiates itself by challenging traditional asset-based lending practices, leveraging technology and data to enhance flexibility, efficiency, and risk management.

Before joining Edge, Meredith was managing director of Business Development for a patent litigation finance fund, helping grow and ultimately sell the business to a UK-based firm. Earlier, she practiced as a corporate litigator and transactional attorney, later leading business development and marketing for a law firm.

Meredith has received numerous accolades, including SFNet’s 40 Under 40 Award, the Villanova Leaders of the Law recognition, and the WE Hatch Kathleen Siegfried Leadership Award from the University of Delaware.

She serves on the Board of Trustees for the Overbrook School for the Blind and is a Barrister with the Villanova Law J. Willard O’Brien American Inn of Court. Meredith is a graduate of Villanova University School of Law and the University of Delaware.

Where Are They Now?

Catching up with Previous SFNet

40 Under 40 Award Winners

BY EILEEN WUBBE

SFNet 40 Under 40 Award recipients share how the Award affected their careers and advice for the Class of 2025.

Sherrill Hornett, managing director, Portfolio Management, White Oak Commercial Finance, LLC and

2021 40 Under 40 Award

Winner

Since being recognized as an SFNet 40 Under 40 Award winner, what has changed most in your career? What was the biggest challenge in making that transition?

A lot! I received the SFNet 40 Under 40 recognition shortly after making a significant shift in my career by joining the non-bank ABL community. One of the biggest changes that followed was the opportunity to manage a team for the first time – a professional milestone I had worked toward for many years. It was an invaluable learning experience that stretched me in new ways. That said, as a parent of two young children, I’ve come to recognize that I currently thrive more in an individual contributor role than in management. Letting go of that long-held aspiration wasn’t easy, but I’m deeply grateful for the experience. It may be something I revisit in the future, but for now, I’m energized doing what I do best: managing risk, building relationships, and contributing alongside an incredible new team at White Oak.

Looking back, what experiences or mentors helped prepare you most for this next step in your career?

I took a leap of faith four years ago when I left Wells Fargo after an incredible 15-year run and joined the non-bank ABL community. Looking back, the professional development that came from having the courage to leave the familiarity and deep relationships of a well-known institution – and step into the uncertainty of a new environment where I had yet to build my reputation – laid a strong foundation of confidence and resilience. That experience prepared me for future transitions, including my recent move to White Oak. I couldn’t have navigated that path without the guidance and encouragement of the many mentors and friends I’ve been fortunate to have in this industry, and I’m forever grateful for each of those relationships.

What advice would you give to the current 40 Under 40 class or other young professionals aspiring to reach leadership roles?

Some of the most significant cardeer growth opportunities I’ve had came when I embraced change, had the courage to say no, and trusted myself to pursue a different direction – even when I couldn’t predict exactly how it would unfold. I leaned on my invaluable network of industry friends and mentors, whose support made all the difference. My advice: believe in yourself and your potential, even when the next move feels uncertain, and never lose touch with the network that helps you grow.

Yoojin Lee, partner, Holland & Knight LLP and 2021 40 Under 40 Award Winner

Since being recognized as an SFNet 40 Under 40 Award winner, what has changed most in your career? What was the biggest challenge in making that transition?

White Oak Commercial Finance, LLC

Since being recognized in SFNet’s 40 Under 40, I have been elected partner and transitioned my practice to Holland & Knight with a group of attorneys from my prior firm. The biggest challenge in making the transition was starting at a new place, learning new systems, incorporating into a new culture, and meeting new people. However, working alongside welcoming attorneys at Holland & Knight made the transition less challenging.

How did being named as an SFNet 40 Under 40 Award winner impact your professional trajectory or visibility within the secured finance industry?

The popularity of SFNet’s 40 Under 40 Awards has made my name more recognizable in the industry. As a result, my network of fellow SFNet 40 Under 40 honorees and others within the industry has expanded – many of whom I would have never met.

SHERRILL HORNETT

MICHAEL REGINA Otterbourg P.C.

YOOJIN LEE Holland & Knight LLP

MATT WEISS

Parker, Hudson, Rainer & Dobbs LLP

What are your key priorities in your role at Holland & Knight LLP?

My key priority at Holland & Knight is to work alongside colleagues to support our clients and provide them with a high level of legal services that they need to grow their business.

What advice would you give to the current SFNet 40 Under 40 class or other young professionals aspiring to reach leadership roles?

Young professionals should get involved in SFNet and in other industry groups – not only to learn from peers, but to grow their professional network. Such involvement will expose young professionals to more leadership roles within the community, which I believe will help advance their careers.

What is next for you—are there any personal or professional goals you’re particularly excited about in the coming years?

I am excited about growing our team, mentoring young professionals and expanding my relationships within the community.

Michael Regina, partner, Otterbourg P.C. and 2024 40 Under 40 Award Winner

Since being recognized as an SFNet 40 Under 40 Award winner, what has changed most in your career? What was the biggest challenge in making that transition?

Since receiving SFNet’s 40 Under 40 recognition, the most significant change has been my elevation to partner at Otterbourg. It’s been a rewarding milestone, but the transition also came with a shift in perspective—from executing legal work to also thinking strategically about business development, mentorship, and the broader direction of the firm. Balancing those new responsibilities while continuing to deliver for clients has been both the biggest challenge and an incredibly valuable growth experience.

How did being named as an SFNet 40 Under 40 Award winner impact your professional trajectory or visibility within the secured finance industry?

The 40 Under 40 recognition was a meaningful boost in terms of visibility and credibility. It helped open doors to new relationships and deepened existing ones, both within the firm and across the secured finance industry. It also reinforced the trust clients place in me and gave me the confidence to pursue greater leadership opportunities.

Looking back, what experiences or mentors helped prepare you most for where you currently are in your career?

I’ve been fortunate to work with mentors who modeled what it means to be both technically strong and commercially practical. One of the most valuable experiences was being given increasing responsibility early on—being trusted to lead deals and interact directly with clients gave me the confidence

and skills I needed to grow. I also learned a great deal from observing how senior partners handled deal structure, negotiations and client relationships.

What advice would you give to the current SFNet 40 Under 40 class or other young professionals aspiring to reach leadership roles?

Don’t chase a title—focus on doing the kind of work that earns trust and makes you the person people turn to when something really matters. Do not underestimate the value of being consistent and dependable. It’s not flashy, but it builds real credibility. Also, get to know your clients beyond the immediate deal points, for example, how they make decisions, what pressures they’re under, and what you can do to actually help move the needle forward. That perspective will make your advice more valuable.

Matt Weiss, partner, Parker, Hudson, Rainer & Dobbs LLP and 2023 40 Under 40 Award Winner

Since being recognized as an SFNet 40 Under 40 Award winner, what has changed most in your career? What was the biggest challenge in making that transition?

I was named an SFNet 40 Under 40 Award winner two years ago. Since that time, I was named partner at my law firm, Parker Hudson, in January 2024. On a day-to-day basis, the transition from associate to partner was not as significant as I thought it might be. However, it is still a profound change. Being a partner emphasizes that you are a stakeholder in the future of your firm and have a vested interest in its future success. This has allowed me to take a variety of new leadership roles where I can provide my experience and insight, including assisting with the management of our firm’s Complex Litigation and Restructuring Team, chairing our firm’s Diversity Committee, and overseeing our monthly compilation of recent bankruptcy and commercial law cases that we share with firm clients. The biggest challenge I’ve had as a new partner is striking the correct balance between staying on top of the day-to-day workflow and ramping up my business development efforts.

What are your key priorities in your role at Parker, Hudson, Rainer & Dobbs LLP?

I have a number of different priorities in my role at Parker Hudson. Most important, it is important that I am a productive and collaborative member of the Firm’s Complex Litigation and Restructuring Group, which combines our firm’s attorneys with bankruptcy and litigation backgrounds. Our practice runs the gamut from traditional litigation, to representing insurers in mass tort bankruptcy cases, to representing creditors or DIP lenders in bankruptcies. As a junior partner, I view myself as a link between the more senior partners and our group’s associates and being in the middle means that I play an important role in directing and executing our legal strategies

on behalf of clients. A second priority of mine is to be a good firm citizen, which is reflected in my involvement with committees, recruiting, our summer associate program, and business development efforts. I’m mindful of how important partners’ non-billable efforts are to the firm’s success. Finally, it is a priority of mine to present a good public face for the firm within the larger legal and business communities, including through my involvement with the local bar association, participation in events with various industry organizations like SFNet and TMA, and other civic engagement. Not only is such involvement helpful for business development, but I think it’s generally important for attorneys to engage with those around them and to use their unique skill sets, where possible, to advance both the legal profession and their broader communities.

Looking back, what experiences or mentors helped prepare you most for this next step in your career?

I am lucky to have had several mentors both at Parker Hudson and at prior law firms. My Parker Hudson mentors were instrumental in positioning me to be a successful partner candidate and guiding me through the partnership process. There are also a number of experiences that I’ve had in recent years that have positioned me for success professionally, including my work on a significant bankruptcy court bench trial and my service on the board of the Bankruptcy Section of the Atlanta Bar Association. Through my involvement with the local bar association, I have also had the opportunity to participate in panel discussions on various bankruptcy topics that have allowed me to increase my profile in the legal community.

important to identify what your goals are and work with others within your firm or company to take steps to achieve those goals. I believe that I’ve been given several leadership roles at my firm because I was (hopefully correctly) seen as someone that was reliable and would do a good job when presented with a project. But getting to that point requires a lot of work and building up a reputation as someone who is both diligent and competent. I think the advice boils down to simply trying hard and doing your best work regardless of whether the project is high profile or is something that you think other people are paying close attention to. Because how you do your work, and the attitude you bring to the office, over time will establish your reputation, either positively or negatively.

The main piece of advice I would offer to this year’s 40 Under 40 class is that you shouldn’t passively assume you’ll be tapped for promotions or leadership positions. Rather, it’s important to identify what your goals are and work with others within your firm or company to take steps to achieve those goals.

Eileen Wubbe is senior editor of The Secured Lender magazine.

What advice would you give to the current SFNet 40 Under 40 class or other young professionals aspiring to reach leadership roles?

The main piece of advice I would offer to this year’s 40 Under 40 class is that you shouldn’t passively assume you’ll be tapped for promotions or leadership positions. Rather, it’s

The Transformative Power of Servant Leadership in Modern Business

BY VINCE MANCUSO

The ancient Chinese philosopher Laozi perhaps best captured the essence of servant leadership when he wrote: “A leader is best when people barely know he exists; when his work is done, his aim fulfilled, they will say: we did it ourselves.”

In today’s complex business environment, the principles of servant leadership offer a powerful framework for building resilient, innovative, and high-performing organizations. By prioritizing the growth and well-being of team members, servant leaders create environments where individuals can thrive and collectively achieve remarkable results.

As you navigate the challenges of leadership, consider how adopting a servant leadership mindset might transform your approach and impact. The most successful organizations of tomorrow will likely be those led by individuals who understand that true leadership begins with service. While we have witnessed numerous leadership philosophies come and go, servant leadership stands as an enduring approach that continues to gain relevance in today’s rapidly evolving organization.

The Essence of Servant Leadership Servant leadership fundamentally inverts the traditional leadership pyramid. Rather than commanding from the top, servant leaders position themselves at the foundation, supporting and elevating their teams. This philosophy asks leaders to shift their focus from directing to listening, from commanding to facilitating, and from self-interest to collective growth.

The concept was introduced in 1970 by Robert K. Greenleaf in his seminal essay, “The Servant as Leader.” As an AT&T executive who spearheaded the company’s first management development programs, Greenleaf observed that the most effective leaders prioritized serving others above themselves. He defined a servantleader as someone who focuses “primarily on the growth and well-being of people and the communities to which they belong— sharing power, putting the needs of others first, and helping people develop and perform as highly as possible.”

This approach represents a profound departure from traditional command-and-control leadership models. As Carol Walker noted in the Harvard Business Review, “Removing self-interest and personal glory from your motivation on the job is the single most important thing you can do to inspire trust.” Walker further suggests that leaders should stop thinking that employees work for them and instead recognize that “they work for the organization and for themselves.” The leader’s role is to facilitate this relationship, asking: “What will it take for this employee to be successful, and what does the organization need to provide to hold up its end of the bargain?”

Core Principles of Servant Leadership

Servant leadership is built upon several foundational principles that guide how leaders interact with their teams and organizations:

1. Listening

Effective servant leaders give their full attention to team members, notice nonverbal cues, avoid interruptions, and provide constructive feedback. By actively listening, they demonstrate respect and gather valuable insights that inform better decisionmaking.

2. Empathy

Understanding others’ perspectives and approaching situations with an open mind allows servant leaders to connect with team members on a deeper level. They recognize that supporting employees’ personal wellbeing contributes directly to professional success.

3. Healing

Servant leaders acknowledge the universal desire for personal wholeness and actively support others in achieving it. They prioritize conflict resolution and ensure their teams have the knowledge, support, and resources needed to perform effectively.

4. Awareness

Self-awareness enables servant leaders to understand how their emotions and behaviors affect those around them. This awareness extends to recognizing team members’ individual strengths and weaknesses, allowing leaders to support appropriate growth opportunities.

5. Persuasion

Rather than relying on positional authority, servant leaders guide through persuasion, building consensus through explanation and gentle guidance toward optimal decisions.

6. Conceptualization

The ability to envision solutions to problems that don’t currently exist allows servant leaders to effectively communicate larger goals and explain their importance, helping teams understand their roles in achieving long-term objectives.

7. Foresight

Learning from past experiences to evaluate present decisions productively is a critical skill for servant leaders. They identify current situations, understand the consequences of decisions, and help their teams do the same.

VINCE MANCUSO Bay View Funding

8. Stewardship

Servant leaders acknowledge their responsibilities and how they affect the organization. They protect the trust placed in them and lead by example, demonstrating the values and behaviors they wish to see in others.

9. Commitment to People’s Growth

Beyond professional development, servant leaders are committed to helping team members grow as individuals and future leaders. They provide opportunities for advancement and strengthen teams by supporting and uplifting them.

10. Building Community

Encouraging collaboration and engagement within organizations, servant leaders value everyone’s opinions and motivate team members to share their thoughts and contribute regularly.

Case Studies in Servant Leadership

Lynsi Snyder and the In-N-Out Burger Way

Lynsi Snyder, the president of In-N-Out Burger, has consistently been praised for her servant leadership approach. She has been named one of the most trustworthy leaders in the country by the Values Institute and has received high ratings on Glassdoor, including being ranked as the top restaurant CEO and the highestrated female CEO. Her leadership style prioritizes the welfare of her employees and customers, embodying the core principles of servant leadership.

Under Snyder’s guidance, In-N-Out Burger has flourished while maintaining its family-owned status and commitment to quality. She has expanded the company from fewer than 250 stores to over 400 locations across eight states as of 2024. Snyder’s approach to leadership is deeply rooted in a common pillar found in various faiths, which she credits as the foundation for the company’s success. She emphasizes treating others as one would want to be treated, a simple yet powerful principle that has become integral to In-N-Out’s corporate culture.

Snyder’s commitment to servant leadership extends beyond the company’s operations. In 2016, she and her husband launched the Slave 2 Nothing Foundation, which has granted over $6.3 million to organizations combating drug addiction and human trafficking. This initiative demonstrates Snyder’s dedication to using her position to serve and improve communities, further exemplifying the principles of servant leadership. Her approach has not only led to business success but also created a positive impact on society, making her a notable example of effective servant leadership in the corporate world.

Satya Nadella’s Microsoft Revival

Since becoming CEO of Microsoft in 2014, Satya Nadella has exemplified servant leadership by emphasizing empathy in his approach. Under his guidance, Microsoft transformed from a struggling tech giant to one of the world’s most valuable companies.

Nadella’s leadership style focuses on understanding customers’ and employees’ needs, fostering a growth mindset, and promoting collaboration. He believes empathy drives innovation and collaboration, which has been evident in Microsoft’s renewed success and cultural transformation.

Indra Nooyi’s Stewardship at PepsiCo

During her tenure as CEO of PepsiCo, Indra Nooyi demonstrated transformative leadership through her emphasis on stewardship and sustainability. Her “Performance with Purpose” initiative aligned business goals with broader societal objectives, investing in sustainable agriculture, water conservation, and healthier product options.

Nooyi’s approach to talent management reflected her commitment to servant leadership principles. She implemented progressive policies such as comprehensive parental leave, flexible working arrangements, and leadership development programs, ensuring PepsiCo was not just a workplace, but a nurturing ground for future leaders.

The Impact of Servant Leadership on Organizations

Research consistently demonstrates that servant leadership delivers tangible benefits to organizations:

Enhanced Employee Engagement: Companies led by servant leaders are ten times more likely to achieve high employee engagement and retention .

Improved Financial Performance: A study from the University at Buffalo School of Management found that a one-point rise in servant leadership scores resulted in $11.3 million in additional revenue for companies.

Better Decision-Making: “Other-oriented” employees make more well-thought-out and smarter decisions, contributing to organizational success.

Increased Innovation: By fostering psychological safety and empowering team members, servant leaders create environments where creativity and innovation flourish.

Implementing Servant Leadership in Your Organization

Transitioning to a servant leadership model requires intentional effort and practice. Here are practical steps to implement this approach:

1. Lead by Example

Demonstrate servant leadership principles through your actions. Model the values and behaviors you wish to see in your team, showing that leadership involves serving others and fostering a supportive work environment.

2. Hold Regular One-on-One Meetings

Connect with each team member through regular one-onone meetings. These private conversations provide space for employees to discuss concerns and goals, showing that you care

about their individual development.

3. Practice Active Listening

Focus fully on the speaker without judgment to genuinely consider their input and thoughtfully respond. Set aside your own agenda and listen to understand others’ thoughts, concerns, and suggestions.

4. Empower Your Team

Encourage by providing the tools needed to succeed. Don’t simply do things for them; instead, enable them to develop their own capabilities and take ownership of their work.

5. Foster Collaboration

Promote teamwork by encouraging collaboration on projects and recognizing collective achievements. Create a culture where team members support each other’s growth and success.

6. Communicate Vision and Purpose

be merely a “nice-to-have” skill set, but an essential approach for impactful, lasting leadership. Leaders who adopt these principles will be well-positioned to inspire loyalty, drive innovation, and achieve long-term success.

Vince Mancuso has spent over 30 years in commercial finance and brings a wealth of expertise to his service partners. Vince enjoys playing a key role in shaping strategic vision and risk management protocols for lenders worldwide. Vince has held leadership positions of chief strategy officer for a mid-sized private debt fund, and president and CEO at a prominent North American commercial finance company, where he demonstrated his exceptional leadership skills.

As we move further into 2025, servant leadership is becoming increasingly essential for effective leadership. The demands on leaders continue to grow with rapid technological advancements, increased organizational volatility, greater emphasis on mental health, and diverse, multigenerational workforces.

Clearly articulate the organization’s vision and mission, ensuring everyone understands how their role contributes to overall goals. This creates a sense of shared purpose and motivation among team members.

7. Take Chances on People

As demonstrated by Richard Murphy, the legendary NYC-area servant leader and former Commissioner for Youth Services, taking chances on people can unlock tremendous potential. Murphy’s approach to leadership included building and supporting other leaders and scaling ideas rather than just programs.

The

Future of Servant Leadership

As we move further into 2025, servant leadership is becoming increasingly essential for effective leadership. The demands on leaders continue to grow with rapid technological advancements, increased organizational volatility, greater emphasis on mental health, and diverse, multigenerational workforces. In this evolving landscape, servant leadership will no longer

Vince is the author of 20+ training curriculums focused on industry specific bodies of knowledge. Vince is a frequent speaker, facilitator and panelist throughout all of the commercial finance industry. In addition to his leadership and subject matter expert experience, Vince holds a CAEF designation from the International Factoring Association, and an SFCP designation from the Secured Financed Network.

AI TRENDS IN SECURED FINANCE AI in Commercial Loan Underwriting: Strategy, Structure, and Support BY BRIAN RESUTEK

Almost every company in today’s commercial lending space has accepted that AI will play a role in current and future decisionmaking. However, strategies for effective implementation, evaluation and maintaining company culture—particularly within the loan underwriting phase—remain varied. In this article, we explore how companies are approaching AI in commercial underwriting, from initial entry points to overarching philosophies. While the race has started, its speed and distance are far from determined, and multiple paths appear viable.

Consumer vs. Commercial: A Data Disparity

Data remains king in AI—and in banking, consumer data significantly outpaces commercial data in both volume and simplicity. This discrepancy likely explains why AI adoption began in consumer banking, insurance, and mortgage lending, before expanding into the more complex world of commercial loans. A 2021 McKinsey report, The State of AI in Banking, highlighted this early trend, stating:

“Retail banking has benefited most from AI to date, given the availability of standardized, highfrequency data and relatively simpler products.”

While AI grabs the headlines, it is machine learning (ML), a subset of AI that identifies patterns in historical data, that has driven the real efficiencies and savings. ML was key to the early successes in underwriting for consumer-focused financial products.

Barriers: Regulation and Fair Lending

In banking, AI and ML must contend with a critical challenge: regulation. Federal oversight and privacy protections, though

necessary, are obstacles companies must navigate. Regulatory bodies such as the CFPB and the U.S. Treasury have shown interest in AI’s potential, but they emphasize the need to balance out the risks of input bias and potential violations of fair lending laws.

BRIAN RESUTEK Republic Business Credit

A cautionary tale emerged with the Apple Card, issued by Goldman Sachs. Its credit approval and limit-setting algorithms faced public backlash after gender bias allegations surfaced. Apple co-founder Steve Wozniak noted that his wife received a significantly lower credit limit, despite shared finances. Though Apple and Goldman ultimately prevailed in court over a lengthy two-year span, the ordeal highlighted the importance of transparency and brought unwanted scrutiny, undermining what was intended to be a first-mover advantage.

Emerging Wins: Consumer to Commercial

Despite early setbacks, clear wins in the consumer underwriting space have led to a natural progression into commercial lending. JPMorgan Chase, for example, continues to invest heavily in AI, and reported $1.5 billion in annual savings in 2024—largely due to advancements in credit risk assessment and portfolio management.

But what about smaller banks and lenders that are mere factors of the big institutions? How can they participate and compete?

Smaller Players, Smarter Moves Bankwell Bank—a $3 billion institution serving southern Connecticut—offers a compelling case. In early 2024, the

bank partnered with Casca, whose AI software prequalifies small business loan applicants. Their virtual assistant “Sarah” helped screen potential borrowers, streamlining the SBA application process. According to Bankwell’s Chief Innovation Officer, Ryan Hildebrand, in an American Banker interview:

“In the first months, Casca helped bring in leads that were five or six times the quality of what was coming in through organic marketing.”

The C-Suite Factor

Leadership support, particularly from the C-suite, is critical to any AI or ML implementation. A 2024 SS&C Technologies survey found that 65% of companies have C-suite executives leading AI efforts, with CTOs (39%) being the most common. As Forbes put it in April 2025: “One of the significant barriers to AI adoption in the C-Suite is a lack of understanding about the technology.”

Without a C-suite champion, AI initiatives are unlikely to succeed. Executive buy-in ensures strategic alignment, adequate resourcing, and a supportive culture.

Data as Infrastructure: Organize or Stagnate

higher initial costs. This approach preserves company culture, ensures regulatory compliance, and allows for continuous system monitoring and refinement.

You don’t need to sprint to the AI/ML start line, but now is the time to find the right shoes and begin training. With leadership support, organized data, and clearly defined success metrics, commercial lenders of all sizes can build intelligent, scalable underwriting systems.

Brian Resutek is the Southeast Regional manager for Republic Business Credit and is based in Atlanta, GA. With close to twenty years of secured finance and commercial banking experience, Brian leads the business development efforts for Republic’s southeastern market. He can be reached at bresutek@ republicbc.com.

As

Data scientists and software architects routinely cite clean, scalable data as a prerequisite for successful AI in commercial underwriting. Yet many firms sit on fragmented datasets spread across shared drives, third-party platforms, and spreadsheets—often without a strategy for integration.

Forbes put it in April 2025: “One of the significant barriers to AI adoption in the C-Suite is a lack of understanding about the technology.”

A practical first step is leveraging existing vendors. Companies like Moody’s, S&P, and Salesforce offer data capture capabilities that can support ML-driven proprietary underwriting systems. However, this is no small task. A report from Semarchy, a leader in master data management, revealed that 98% of companies experience AI-related data quality issues—chief among them: data privacy constraints (27%), duplicate records (25%), and inefficient integration (21%).

The Pilot Mindset and Measured Growth

Successful AI/ML platforms in commercial lending often begin with pilot programs that include human override—even at

White Oak’s Approach to Serving NonSponsored Businesses

BY EILEEN WUBBE

Founded in 2007, White Oak Global Advisors, LLC is an SEC-registered investment advisor and private credit firm that provides small- and middle-market businesses with term loans, asset-based loans, invoice factoring, trade finance, equipment financing and treasury management. White Oak’s key differentiation in the market is offering a comprehensive product suite of credit products that can support the entire lifecycle and ecosystem of a corporate borrower.

ANDRE HAKKAK

White Oak Global Advisors

White Oak Global Advisors’ mission is to continue to serve as a non-bank bank alternative, by studying the small and middle markets and the financing needs of those companies, as well as the punitive capital change to finance these businesses from a bank perspective. It is focused on emulating the commercial finance approach within the asset-backed finance part of the business and term lending.

White Oak Global Advisors specialized subsidiaries include White Oak Commercial Aviation, White Oak Commercial Finance, White Oak Equipment Finance, White Oak Finacity and White Oak Healthcare Finance. White Oak Global Advisors has institutional functions in these subsidiaries, including operational infrastructure, reporting, financial controls, asset capital solutions, and credit decisions.

“We work on the commercial and industrial side of a bank’s balance sheet and wanted to build a direct origination platform to get access to these SME’s in partnership with banks because we’re not interested in taking depository assets, which are liabilities in the bank balance sheet,” said Andre Hakkak, founder, managing partner and CEO, White Oak Global Advisors. “They’re more in the asset liability matching business, where we are in the asset matching business with assets. That’s really been our premise, and we’ve been working towards having the product lines, and being a total solutions provider to these SMEs that are growing too quickly for a bank’s balance sheet, or in some cases, have had a downtick in their business, but still need financing. So, we are a capital solutions provider to these SMEs, which we think is an important segment of the market because that segment creates the most jobs and is a big contributor to GDP.”

Focusing on Manufacturing and Industrial

A current focus of White Oak stems from the

government’s push to reindustrialize factories and manufacture more goods in the U.S. While 30 years ago when one heard manufacturing, words such as assembly lines and blue collar first came to mind.

“I think when you factor in the expense of shipping costs, which are double or triple what they were not too long ago, and you factor in the tariffs, then the cost of goods is perhaps more affordable by having it manufactured in the United States,” Hakkak said. “Today’s manufacturing is different. Using California as an example, you need a software engineer from Caltech and a mechanical engineer from Berkeley and you can manufacture goods more efficiently. I’m not even factoring AI into the mix, just simple robotics manufacturing and supply chain control that is going to be more efficient over time and less risky.

“We remember during COVID everybody ran to the supermarket to buy toilet paper. People were running out of goods. Well, that is because we were relying on shipments from other countries. Manufacturing goods in the U.S. is a theme that we’re very focused on today.”

Differentiating Within the Private Credit and Alternative Lending Space

White Oak Global Advisors’ focus is on building a non-bank business where many others that are also under the umbrella of direct lending have built financing solutions for private equity sponsor-backed companies. Hakkak noted that out of the 700 direct lending firms today in the U.S. market alone, 90 percent are focused on providing leverage to private equity-backed companies,

“That’s a very formidable, good business to do, especially when private equity funds have grown 150 percent or more since the great financial crisis. There’s roughly $2 trillion of capital and PE funds and those companies need leverage. You’re looking at three to five times, sometimes seven times leverage, with the average probably 4.5 times leverage on EBITDA. That’s a big quantum of leverage that many banks are not providing because they are not in the business of providing 4.5 times commission on EBITDA or zero amortization or one percent amortization a year or not having excess cash or not having more than five financial covenants, as some examples.

“Typically, it’s a healthy ecosystem where the private credit world has been fueling the growth of private equity, and private equity has been fueling the growth of private debt. That’s the majority of capital that’s gone into private lending from insurance balance sheets, pension funds, silver and gold funds, endowments and foundations. What White Oak did is a little different. We typically provide leverage to non-sponsored businesses, where the majority of the market is providing leverage to private equitybacked companies. That’s really the biggest differentiation. There are approximately 14,000 sponsored companies in the United States, and there are about 400,000 companies that are non-sponsored. So, we have been focusing on a bigger pond, but it’s harder to find those deals.”

In response to this, White Oak built a direct origination capability and has more than 100 direct originators on the platform, to source deals to find lending opportunities, similar to a bank branch network.

Navigating Change and Disruption and Macroeconomic Uncertainty

While no one can predict which macroeconomic trends will impact private credit, tariffs and interest rates first come to mind. White Oak saw

strength in its portfolio as interest rates were rising for its variable rates, and punishments in its fixed rate portfolio, especially if it had that levered at the asset level. Uncertainty means diversification will continue to remain important for portfolios.

“You never know what is going to hit what sector. It could be interestrate driven, tariff driven, economic driven, or regulatory or legal driven,” Hakkak said. “If the healthcare sector gets revamped by having a new legislature, and a segment of the market for a period of time is going to get hit, for people who have loans in that sector, they’re going to have to lick their wounds because they didn’t underwrite to that risk. It’s impossible to underwrite everything, otherwise you’re going to stay home and put your money in Treasuries. So, you have to take risks, but you don’t know what’s going to hit you.”

Change and disruption in the evolving financial landscape also brings opportunities, and smaller groups are often nimbler and more reactive to them. Banks can also take aggressive positions and certain credits to retain or get new clients, Hakkak noted.

“The reality is that banks are doing 20,000 shades of gray, and it’s not black or white. I think banks continue to be the biggest lenders to companies.”

Top Priorities in Coming Years

Going with the flow of what the market needs and demands are crucial to success. White Oak is currently going through a transformational period and has been for the last several years.

“We’re in a very peculiar point of our evolution. We’re doing what’s called a shakeup,” Hakkak explained. “I’d say our evolution is based on what our skillset is and what the market demands are — there are two sides of the spectrum — LPs and borrowers. Sometimes there is a big disconnect. I’ve had investors or consultants tell me exactly what they need. Will this coincide with what the borrower’s needs are? I wish I could have those needs fulfilled, but sometimes you can’t have the tail wag the dog. So, our focus has been on the corporate borrower’s needs, as well as understanding their pain points and chug points, and for us to be able to manufacture products that are suitable for them first and then having the right risk return attributes for investors to consider investing in.”

Lessons Learned Along the Way

As a combined asset management and banking business, White Oak has a strong credit and company culture. Its success can also be attributed to the lessons learned along the way, which Hakkak said in going through the full roster of building an asset management company, they have made “almost every mistake in the book.”

“I say this not from anything other than a humble standpoint. You grow making bad decisions, whether it’s credit decisions that seemed good on paper, hiring decisions that didn’t work out, or overpaying for technology systems at times where we didn’t get the product suite we wanted. You live and learn, and you get stronger.”

Eileen Wubbe is senior editor of The Secured Lender magazine.

SFNet’s International Finance Committee

BY EILEEN WUBBE

This column highlights the hard work and dedication of SFNet’s Committee volunteers. Here we speak with Alister Bazaz, head of International Asset Based Finance, Bank of America, and chair of SFNet’s International Finance Committee, who is considered an international ABL thought leader in the space.

Please provide our readers with some background about your career.

I have been involved in international banking my entire career and have 25-plus years of diverse global business and industry experience working at the cross-section of business, finance, and global markets. These days, I am almost exclusively working in asset-based lending. I’m head of international Asset-Based Finance for Bank of America.

For someone who is reading this interview and is interested in joining the International Finance Committee, how would you describe it to them? What does the Committee do?

As the newly appointed chair, I am honored to succeed luminaries such as David Morse, a member of Otterbourg P.C., who I’ve just taken over from. But as a lender I believe I can bring a different perspective to the agenda that the International Finance Committee will be addressing this year and beyond. Not only does the Committee have its primary event at the International Lending Conference, now in its 19th year, but it is also responsible for generating thought leadership on topics that are essential for our ABL communities in North America and Europe.

For example, hot topic agendas for 2025 include the ever-changing face of in-transit inventory financing where the old guidance and construct is no longer relevant, and lenders must now find ways of getting comfortable within transit inventory in a digital world. Another topic that we are examining is the impact of recent European Union directives that will make it illegal for ABL into the European Union outside of a European Union branch or affiliate. This could have a major impact on cross-border ABL lenders who book their transactions exclusively either in the United States or the United Kingdom.

Other topics that we will be exploring include our ever-

ALISTER BAZAZ Bank of America

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increasing desire to expand countries that we consider to be ABL friendly, which might include Mexico and certain Eastern European countries.

How often does the Committee meet? How much time does one need to be a member of the Committee?

While we are focused on planning the International Lending Conference, the time commitment for the International Finance Committee is driven by participation in the ILC planning agenda. We carefully examine key topics that serve the betterment of our community at large. Alex Dunn of Norton Rose Fulbright and Paula Langridge of Bank of America N.A. are working on the EU Directive with Elizabeth van Schilfgaarde at NautaDutilh. We also have Doug Jung in the due diligence world at Hilco looking at in transit and supply chain changes following Covid and the move from paper to digital documents of title.

We are committed to meet where one can provide expertise, knowledge, and guidance to advance the international agenda.

What do you enjoy about being on the Committee?

I’ve had long-standing friendships, professionally and personally, and we share a common passion for moving the international asset-based lending agenda forward for the benefit of our community overall. I am particularly excited about including a broader conversation with European and global factoring firms, who can help expand the financing of cross-border receivables and in jurisdictions where ABL cannot help.

You will be chair for a two-year term. What are your goals for the Committee during your tenure?

I want to see greater lender participation from both North America and Europe, SFNet US itself and SFNet Europe. I want to see greater dialogue and collaboration between those two universes. And I want to see us expand the context of what we’re trying to achieve beyond pure ABL to also include factoring, supply chain, and trade finance communities where we serve the same clients, but don’t often communicate. But my objective is to have greater lender participation, interest, and involvement. I’d like to see more lenders show up to the ILC and participate in and contribute to the dialogue.

When you’re not busy at Bank of America or SFNet, what can you be found doing?

I have had a lifelong curiosity about world affairs and current affairs and always liked to stay on top of that. I enjoy time with my family, which is now expanding with grandchildren, and that keeps me busy. I also have a deep passion for sports, including Formula 1 motor racing and especially (English) football.

I’m from England, but I’ve lived in the United States, in Atlanta, for most of my professional career. Being British gives me a unique perspective of global context. Atlanta is a great place to be because we have a magnificent airport that can get you anywhere in the world directly. It’s one of the best things about it.

SFNet 2025 International Finance Committee Members

Alister Bazaz, Bank of America, Chairperson

Bobbi Acord Noland, Parker, Hudson, Rainer & Dobbs LLP

Darcy Ammerman, McMillan LLP

Joanna Bennett-Coles, FGI

Howard Brod Brownstein, The Brownstein Corporation

Adam Clancy, AtlanticRMS

Arnold Cohen, Norton Rose Fulbright

Alex Dunn, Norton Rose Fulbright

Lee Fahrenz, Allianz Trade

Robert S. Gillison, Buchalter

Joseph A. Heim, Culain Capital Management LLC

JT Jacus, M&T Bank

Doug Jung, Hilco Global

Richard M. Kohn, Goldberg Kohn Ltd.

Paula Langridge, Bank of America N.A.

David W. Morse, Otterbourg P.C.

Thomas K. Otte, White Oak Commercial Finance, LLC

Mike Roth, Deutsche Bank

Bruce Sim, eCapital Corp.

Matthew Sparkes, JPMorgan Chase Bank

Michelle Stanley-Nurse, PNC Financial Services, Inc.

William A. Starshak, Goldberg Kohn Ltd.

Elizabeth van Schilfgaarde, NautaDutilh

I also enjoy cooking and what comes with cooking — eating. Cooking for friends and family to me is an extension of appreciation for them. I am also on the Board of Advisors for Emory University’s Brain Health Center, and I am on the Board of Directors for the National Center for Civil and Human Rights in Atlanta representing Bank of America, which has been a big supporter since the Center’s inception.

Eileen Wubbe is senior editor of The Secured Lender magazine.

Arnold Cohen, Norton Rose Fulbright

What do you enjoy about being on SFNet’s International Finance Committee? How does being involved in the Committee help you in your job?

I first became involved in ABL in its infancy in Canada some 30 years ago. Since then, cross-border ABL lending has grown, and continues to grow, exponentially and internationally (as has our firm’s practice and footprint) to include Europe and Australia and other regions of the globe. Today, my practice specializes in cross-border ABL emanating principally from Canada and the US. SFNet’s International Committee affords me the ability to interact with colleagues and peers from across the globe who share my interest (and passion) for international ABL lending. I love the opportunity to compare notes with US and overseas members

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on how our respective jurisdictions deal with secured lending issues particular to ABL lending. Also, as the ABL world continues to expand and transactions have become increasingly complex involving global borrowers in multiple countries, the Committee has also become an invaluable business, legal and human resource to compare notes on structuring these intricate transactions across continents and, increasingly, across lending products (with supply chain finance and factoring becoming useful tools) to fill in gaps in countries (and industries) where traditional ABL lending alone cannot be the solution. The Committee is also a friendly forum not only providing me useful networking and business development opportunities but has also been the source of many friendships.

What would you like to see the Committee accomplish in 2025?

Even though I am a proud lawyer, I would like to see the Committee’s membership and appeal be broadened to be less lawyer-centric to better balance the involvement of lenders, field examiners/appraisers and lawyers. I would also want the Committee to expand to also touch upon other types of secured lending beyond ABL like supply chain finance and factoring which, as mentioned above, can compliment ABL lending structures in various ways. Finally, and with the greatest of respect to our American friends who have and will continue to contribute invaluably to the Committee, I would like to have the Committee de-emphasize the US to a certain extent and broaden its base to be even more inclusive of Canada, Europe, and Australia, especially in the current turbulent and complicated trade climate.

Alex Dunn, Norton Rose Fulbright

What do you enjoy about being on SFNet’s International Finance Committee?

I’m fairly new to the Committee, but to date I have enjoyed the opportunity to connect with a diverse group of professionals from around the world sharing insights and ideas related to the expansion of cross-border asset-based lending. It’s a unique chance to collaborate internationally which broadens my perspective. The work of the Committee helps shape the future of cross-border transactions and allows me to stay ahead of industry trends and developments, which is invaluable in such uncertain times.

How does being involved in the Committee help you in your job?

My involvement on the Committee enables me to stay up to date with the evolving market, identifying legal challenges and innovations ahead of time, which directly impacts the advice I’m able to provide to clients. Being on the Committee also gives me access to industry leaders in an informal setting, enhancing my visibility and credibility within the community.

Doug Jung, Hilco Diligence Services & Performance Solutions

What do you enjoy about being on SFNet’s International Finance Committee?

The most rewarding aspect of being on the International Committee is the opportunity to collaborate with fellow professionals and bankers

who share similar interests. It’s fulfilling to build relationships with individuals outside my usual circle, expanding my network and gaining diverse perspectives. Additionally, getting to know people better and understanding their unique experiences and viewpoints is both enjoyable and enriches both my professional and personal growth.

How does being involved in the Committee help you in your job?

Being involved in the Committee significantly enhances my ability to perform my job effectively. The primary aspect of my role is to facilitate solutions for lenders and borrowers, ensuring that both parties can get a deal done that works for both sides.

Participating in Committee discussions about hypothetical scenarios and potential solutions provides me with valuable insights and strategies that I can apply in real-world situations. Moreover, building relationships with Committee members means I can reach out to them for advice or assistance when facing complex challenges. Committee members share a common goal of problem-solving, and this network of knowledgeable colleagues is an invaluable resource, enabling me to achieve my goal of helping both parties finalize a deal.

Mike Roth, Deutsche Bank

What do you enjoy about being on SFNet’s International Finance Committee?

The Committee consists of people that really appreciate the value of an international network to the SFNet community.

How does being involved in the Committee help you in your job?

The International Committee has helped me driving new international opportunities. SFNet’s international network is so strong that people you need to be internationally successful with are just one phone call away.

What would you like to see the Committee accomplish in 2025?

One of the biggest successes of the International Committee has always been the International Lending Conference in London. I would highly appreciate if we could create more international touchpoints during the year, which could support people in their profession. One of the examples is the mentoring program in which we will bring together participants from US and Europe into one mentoring session.