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FEATURED/ ANALYSIS
Venture Debt Is Back — and This Time the Covenants Have Teeth
Direct lenders now underwrite ARR the way banks once underwrote EBITDA. The term sheets tell the story.
BY JONAH WEISS · JUL 6, 2026 · 7 MIN
Markets, private credit and the money behind the machine.
Direct lenders now underwrite ARR the way banks once underwrote EBITDA. The term sheets tell the story.
Inside the automation playbook finance teams are actually shipping this year.
Direct lenders now underwrite ARR the way banks once underwrote EBITDA.
What treasury teams should demand from payout infrastructure in 2026.