The Non-Bank Lender for the Global Lower Middle Market.

Banks won't be wrong to eventually lend. They simply cannot act.

Lower middle market businesses hit moments that require speed, structural flexibility, or longer patience than a conventional bank can deliver. An acquisition that closes in 30 days. A seasonal working capital need with an unusual repayment shape. A business that will be bankable in 18 months but needs a bridge partner today.

This is not a credit quality gap — these businesses would ultimately qualify. It is a capability gap. Banks cannot move on LMM timelines, structure for LMM complexity, or commit to LMM transition periods. That gap is Studio B Capital's market.

Every credit is underwritten to bankable standards with a pre-validated takeout path: SBA in the U.S., conventional bank or BDC in Canada, challenger bank or British Business Bank in the U.K. We bridge operators to the moment they qualify — and convert on the rare occasion they don't arrive on time.

One chassis. Two products. Conversion right standard on the flagship.

Bridge with Conversion (~75% of fund) is the signature product. Short-duration senior credit underwritten to bankable standards. The distinguishing feature: a conversion right exercisable on non-takeout at maturity, converting principal into equity at the greater of 4× trailing EBITDA or original deal valuation. The rare loss case becomes an equity ownership case in a business we've already underwritten.

Core LMM with Warrants (~10% of fund) is selective — senior credit with longer hold for higher-quality operators where Studio B Capital becomes a long-term capital partner. These are businesses built through years of transatlantic relationships. Embedded warrants on every deal. These relationships generate the proactive co-invest SPV opportunities that flow exclusively to fund LPs.

BVI master + Delaware feeder. Quarterly distributions. LP-first waterfall.

Closed-end, 7-year life. 4-year reinvestment period, 3-year harvest. Non-U.S. investors access the fund without entanglement in the U.S. tax perimeter. ILPA-aligned reporting from inception.

The same data that informs our underwriting is published publicly every quarter.

Studio B Capital sits inside a broader consulting and research practice. The consulting work puts us in rooms with operators, advisors, and capital providers across the US and UK lower middle market. That access produces relationships — and it produces data.

The Studio B Direct Lending Index (SBDLI) is our quarterly publication tracking direct lending rates, structures, and recovery patterns across both jurisdictions. It draws on thirty years of cross-jurisdictional default and recovery data assembled by the principals. We publish it because the market is opaque and LPs deserve to see the benchmarks before they commit capital.