The Working-Capital Reset: Identifying Businesses Worth Saving Series Context The first four articles of this series established the full diagnostic architecture of capital structure failure. The Liquidity Cycle: Why Credit Deterioration Is A Cash Timing Failure, Not A Lending Failure, mapped how cash moves through an operating business and why credit stress is a cash timing problem. The EBITDA Illusion: Why EBITDA Fails As A Debt Capacity Metric, named the governance failure that occurs when debt is sized against a metric that cannot read the operating cycle. The Cash Conversion Cycle: How CCC Reveals Credit Risk Before It Hits EBITDA...
Overfunded Debt: How Oversized Loans Destroy Viable Businesses
Overfunded Debt: How Oversized Loans Destroy Viable Businesses Series Navigation Article 1 — The Liquidity Cycle Article 2 — The EBITDA Illusion Article 3 — The Cash Conversion Cycle Article 4 — Overfunded Debt: How Oversized Loans Destroy Viable Businesses (current) Article 5 — The Working-Capital Reset: Identifying Businesses Worth Saving Series Context The first three articles of this series established the diagnostic architecture of capital structure governance. The Liquidity Cycle mapped how cash moves through an operating business and why credit stress is a cash timing problem rather than a lending channel problem. The EBITDA Illusion named the governance...
The Cash Engine Framework: A Capital Structure Series
The Cash Engine Framework A Series on Capital Structure Governance for CEOs and CFOs Debt capacity is not determined by EBITDA. It is determined by how cash actually moves through a business. Many companies that appear stable on paper begin to experience pressure long before it shows up in earnings, covenants, or lender conversations. The issue is rarely visible in reported metrics. It builds inside the operating cycle, where timing mismatches between receivables, inventory, and payables quietly reshape liquidity. The Cash Engine Framework focuses on that gap. As the Capital Structure Governance layer of the Capital Governance Stack, this series...
Cash Conversion Cycle Credit Risk
The Cash Conversion Cycle: How CCC Reveals Credit Risk Before It Hits EBITDA Series Context Article 1 — The Liquidity Cycle: The Governing Framework of Capital Structure established the Liquidity Cycle as the governing diagnostic framework of capital structure governance — the structural map through which cash moves into an operating business, is absorbed by working-capital mechanics, and either returns to fund the next operational turn or is consumed by debt service. Article 2 — The Debt Capacity Gap: Why EBITDA Is Not a Credit Metric introduced the Debt Capacity Gap — the structural divergence between EBITDA-derived debt sizing and...
Private Credit Funding Across Industries February 2026
Private Credit Funding Across Industries: What February 2026 Signals for SMB Operators Introduction Capital availability is often discussed in abstract terms, but operators experience it concretely—through whether deals are getting done, in what sectors, and at what scale. February 2026 activity from Capital Source provides a clear signal: capital is not retreating—it is redistributing. This article examines what recent private credit deployment reveals about where funding is flowing, how operators are using it, and what it means for businesses navigating growth decisions in the current environment. Key Points 27 transactions totaling $8.13 million were funded across diverse industries Capital deployment...