The Credit Clubhouse

Axos Bank brings you today’s episode. Axos Bank . Born digital, built on relationships. Check out DealCatalyst's 2027 event schedule, hot off the presses - https://www.dealcatalyst.io/events/2027-schedule DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Diving into fund finance with Matt Wilbur 02:00 - Why fund finance lacks transparent pricing 04:46 - The natural evolution of fund finance products 06:35 - Underwriting sub-lines: data gaps and opinions 09:21 - Comparing fund finance and data sharing challenges 12:08 - Investor demand and fraud risk in fund finance 14:26 - What protects sub-line lenders in downside scenarios 18:22 - Is fund finance a recognizable institutional asset? 20:51 - Key changes for fund finance 23:56 - How new players drive fund finance evolution 26:44 - The future of liquidity and investor guidance 29:22 - Matt Wilbur's personal passions and industry excitement 32:14 - When will fund finance standardize? Matt Wilbur, Founder, Silo Fund - https://www.linkedin.com/in/mrwilbur/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

Axos Bank brings you today’s episode. Axos Bank. Born digital, built on relationships. Check out DealCatalyst's 2027 event schedule, hot off the presses - https://www.dealcatalyst.io/events/2027-schedule DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Diving into credit markets with Andrew Axelrod, Axar Capital 02:34 - Why distressed investing is thriving today 05:50 - Liability management exercises and their limitations 08:38 - Understanding Axar's approach to distressed companies 13:09 - Identifying what goes wrong in troubled businesses 17:49 - Where Axar finds opportunities in middle market 21:09 - The financials sector and M&A market dynamics 26:19 - Deleveraging and leadership in company turnarounds 32:41 - Dispelling myths and leveraging technology in turnarounds 37:58 - Predicting restructuring waves and addressing LP concerns 42:49 - Key learnings and a glimpse into AI's impact Andrew Axelrod. Founder and CEO, Axar Capital - https://www.linkedin.com/in/andrew-axelrod-87ab661b9/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

Check out DealCatalyst's 2027 event schedule, hot off the presses - https://www.dealcatalyst.io/events/2027-schedule DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Introducing Aaron Krawitz and today's credit market landscape 04:20 - How Bravo Capital differentiates in real estate lending 08:08 - Aaron's restructuring background shapes lending strategy 11:07 - Underwriting high-leverage deals and construction finance 14:27 - Understanding bank pullback and borrower priorities today 17:09 - Navigating HUD insured and healthcare real estate lending 23:05 - The importance of deep specialization in niche markets 27:11 - The reality of office to residential conversions in NYC 30:47 - Addressing overcrowding and geography in real estate credit 35:04 - AI's impact, culture's power, and LP misconceptions 40:16 - Identifying underappreciated risks and a market prediction Aaron Krawitz, CEO and Founder, Bravo Capital - https://www.linkedin.com/in/aaronkrawitz/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

Check out DealCatalyst's 2027 event schedule, hot off the presses - https://www.dealcatalyst.io/events/2027-schedule DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - The Credit Clubhouse: welcome, guest, and Mavik Capital's Vision 03:18 - Why consensus leads to underperformance 06:12 - Understanding the Fujiwara Effect and unseen dangers in credit 10:22 - The systemic risks of consolidation and scale's impact on outperformance 15:48 - Unpacking the true state and opportunities in commercial real estate 19:43 - Geopolitics reshaping private markets 22:43 - Cautionary tales: AI, data centers, and speculative market manias 30:38 - Uncertainty creates investment opportunity 34:37 - Triathlon, resilience, and the core philosophy of Mavik Capital Vik Uppal, Founder & CEO, Mavik Capital Management - https://www.linkedin.com/in/vik-uppal/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠TriState Capital Bank. TriState Capital Bank is a Pennsylvania chartered bank and a wholly owned subsidiary of Raymond James Financial, Inc. Member FDIC. Specialized Treasury Management is a highly customized service, learn more by visiting - https://tristatecapitalbank.com/wp-content/uploads/TM_Overview.pdf DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:58 - Welcome to The Credit Clubhouse & upcoming events 01:56 - Introducing Dustin Goldstein and TriState Capital Bank 02:34 - How treasury management became more strategic 04:30 - Biggest changes: technology and CFO concerns 06:37 - Dustin Goldstein's journey and TriState Capital's model 10:08 - Treasury's importance in bank-client & multibank world 16:03 - Service as the key differentiator in treasury 18:42 - Balancing yield, liquidity, and operational convenience 23:58 - Real-time payments and the future of treasury 31:05 - Staying ahead of sophisticated fraudsters in treasury 36:03 - TriState Capital's new asset-based finance vertical 40:18 - Conventional wisdom, CFO advice, and market opportunities 43:53 - Travel, hobbies, books, and future rate predictions 48:34 - Thank you and where to find DealCatalyst Dustin Goldstein, Executive Vice President, Head of Treasury Management Sales and Strategy, TriState Capital Bank - https://www.linkedin.com/in/dustingoldstein/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to The Credit Clubhouse: show & conference updates 02:23 - Reflecting on 9/11: a solemn New York remembrance 03:48 - Private credit: perceptions, redemptions, and retail access 09:30 - AI's exponential growth: capital needs and regulatory questions 13:55 - Crypto's long road: transforming banking and settlement timelines 20:46 - Sports ownership and private capital 27:46 - Football season excitement, sponsor thanks, and future plans Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Diving into credit markets with John Kim of Reckoner Capital Management 02:19 - John Kim's path to niche credit investing 04:17 - Finding niche credit opportunities 06:33 - Why complex assets offer higher yields 09:44 - The surprisingly strong economy and credit risks 13:59 - Finding compoundable gains beyond equities 17:04 - Are private credit premiums eroding? 22:42 - The evolution of niche ABS markets 26:32 - The nuances of art and superyacht finance 31:18 - Market size and returns in esoteric assets 35:38 - Competing in growing alternative credit spaces 39:01 - Choosing expertise over name brand managers 41:08 - Solving problems with financial engineering 43:55 - Lending and credit in the evolving AI industry 46:35 - Hobbies, books, and predictions 51:35 - Thank you from The Credit Clubhouse John Kim, CEO, Reckoner Capital Management - https://www.linkedin.com/in/john-e-kim-97009421a/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to The Credit Clubhouse: defining specialty finance today 04:23 - From marketplace to institutional: fintech lending's journey 12:37 - Beyond tech multiples: finding value in embedded lending 19:06 - Assessing consumer health and buy now, pay later's impact 27:15 - The win-win of embedded lending and concentration risks 31:30 - Navigating public vs. private ABS and banks' evolving role 36:32 - Capital inflows, market health, and LP Education 42:07 - Personal insights, predictions, and episode conclusion Philip Bartow, Head of Specialty Finance & FinTech Lending, Sound Point Capital Management - https://www.linkedin.com/in/philip-bartow-99a51b1/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point as of the date of the recording and cannot be independently verified and are subject to change. All investing involves risks, including the risk of a total loss. Past performance is not necessarily indicative of future results. Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Shaping investment philosophy through market shocks 05:18 - Corporate vs. consumer credit: transparency matters 09:08 - The hidden cost of illiquidity 12:02 - Private capital's new role in mortgage markets 15:52 - Navigating commercial mortgage market shocks and recovery 21:35 - Consumer credit's K-shaped recovery 25:16 - Securitization transforms private assets 33:41 - Data and AI in investment decisions 39:48 - AI's impact on consumer finance 43:32 - AI innovation in credit markets 46:38 - Navigating markets and personal insights: A wrap-up Mark Tecotzky, Vice Chairman, Ellington Management Group - https://www.linkedin.com/in/mark-tecotzky-7bb00b134/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to the Credit Clubhouse 02:26 - The explosive growth of fund finance markets 04:26 - This episode is presented by CARDO AI 05:23 - Assessing the current optimistic mood in fund finance 07:12 - Addressing the fund finance talent pool shortage 10:55 - Expanding the talent pool 12:57 - Disruption and portability in the legal market 16:23 - How hiring standards have evolved in fund finance 19:19 - The need for developing new fund finance talent 22:00 - Strategies for attracting and retaining top talent 25:59 - Introducing 'Inside Fund Finance' trade journal 30:11 - Key skills for a long-term fund finance career 32:58 - Mentoring's critical role 36:28 - AI and leadership: future impact on hiring 39:07 - Getting to know our guests: fun questions 45:00 - Episode conclusion and how to connect with guests Rory Smith, Founder, Brickfield Fund Finance Recruitment - https://www.linkedin.com/in/rory-smith-82476914/ James Strode, Senior Associate, Brickfield Fund Finance Recruitment - https://www.linkedin.com/in/james-strode-85b3a8118/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to the Credit Clubhouse 02:21 - Exploring the compelling opportunities in securitized credit 04:53 - Unpacking misconceptions and growth in digital infrastructure 08:01 - How structural protection shapes securitized credit investments 11:04 - Finding value in overcrowded and overlooked credit sectors 16:09 - Understanding the drivers and risks of data center investing 24:12 - Assessing leverage, liquidity, and structural vulnerabilities in credit 28:24 - The role of insurance capital and emerging credit markets 33:25 - A bold prediction for AI Joe Allen, Deputy CIO & Head of Securitized Credit Strategies, Bright Meadow Capital - https://www.linkedin.com/in/joseph-allen-cfa-6071445/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to the Credit Clubhouse and DealCatalyst updates 01:56 - Introducing Connor Fitzgerald from Wellington Management 02:20 - Defining characteristics of today's corporate credit environment 05:42 - Disconnects between pricing and corporate credit fundamentals 07:54 - Fed policy influence versus fiscal policy and fundamentals 11:04 - Fed policy scenarios challenging corporate credit investors 13:49 - Key drivers of bond yields and AI market distortion 18:35 - Is today's market accurately reflecting credit risk? 19:57 - Compelling opportunities outside the AI build-out 23:21 - AI infrastructure issuance and sector allocation changes 28:28 - Identifying the biggest risks in the AI build-out 33:11 - How AI issuers will evolve in IG portfolios 35:00 - Developments impacting corporate credit markets in 1-2 years 38:08 - Consensus market views investors are underestimating 39:43 - Personal insights and final thoughts on AI risks 42:00 - Thank you for listening to The Credit Clubhouse Connor Fitzgerald, Fixed Income Portfolio Manager, Wellington Management - https://www.linkedin.com/in/connor-fitzgerald-789b0b166/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Diving into credit markets with KBRA DLD 01:56 - Unpacking private credit headlines with performance data 07:09 - Redefining private credit beyond distribution strategy 11:50 - The need for standardized data in private credit 15:01 - How lenders and sponsors stabilize direct lending 20:07 - Assessing default risks in software and other sectors 25:47 - Direct lending's underappreciated strengths and recovery 30:28 - How to address negative narratives in private credit 35:30 - Guests' hobbies, and industry predictions Kelly Thompson, Managing Director, KBRA DLD - https://www.linkedin.com/in/kelly-thompson-29179313/ Eric Rosenthal, Senior Director, KBRA DLD - https://www.linkedin.com/in/eric-rosenthal-5866489/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to The Credit Clubhouse 02:20 - Unpacking access, complexity, and work premiums 05:10 - How sponsor capital benefits the lower middle market 07:16 - Metropolitan's ethos: loan-to-asset value & niche finding 12:04 - Speed in non-sponsored deals 14:10 - Sourcing, empathy, and 'skin in the game' principles 17:32 - Unlocking value in fundamental, below-the-radar businesses 20:07 - Mitigating risk with asset protection and covenants 23:10 - AI's impact on private credit 27:04 - Proactive interventions and managing challenging situations 33:15 - Specialization, LP sophistication, and market misconceptions 37:34 - Paul Lisiak's hobbies, insights, and future predictions 40:16 - Thank You for listening to The Credit Clubhouse Paul Lisiak, Managing Partner, Metropolitan Partners Group - https://www.linkedin.com/in/paul-lisiak-0611/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 — Exploring Credit Markets and Welcoming Luke Chan 02:17 — Why Collateral is Key to Private Credit Investing 07:00 — How AI is Reshaping Software Lending Dynamics 16:35 — The Future of Software Valuations and Capital 19:18 — Addressing Capital Needs for Digital AI Infrastructure 24:45 — Finding Value in Off-the-Run Asset Types 30:55 — Understanding Real Risks in Private Credit Investing 33:18 — Lessons and Predictions for Credit Market Cycles 36:59 — Luke Chan's Hobbies, Advice, and Market Forecast Luke Chan, Head of Private Credit, HighVista Strategies - https://www.linkedin.com/in/lukechan/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to the Credit Clubhouse 01:56 - PGIM's Dianna Carr-Coletta on private credit's evolution 04:03 - Debunking risk perceptions in private credit lending 06:23 - How PGIM Builds Direct Relationships with Companies 10:14 - Why direct relationships matter for borrowers 13:11 - Technology's role in sourcing non-sponsored deals 15:58 - Evaluating direct lending's resilience post-GFC and COVID 18:07 - Comparing risk and return in private credit segments 23:30 - Uncovering overlooked risks and borrower education gaps 26:14 - The untapped potential in non-sponsored middle market 30:37 - Navigating competition and terms in private credit 33:47 - Investor insights and middle market competition dynamics 39:52 - Covenants as a tool for risk management and value preservation 44:31 - Private credit's exciting future 46:42 - Dianna's hobbies, family, books, and AI's impact 51:07 - Thank you for listening to The Credit Clubhouse Dianna Carr-Coletta, Managing Director & Partner, Private Credit, PGIM - https://www.linkedin.com/in/dianna-carr-coletta-20331135/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to The Credit Clubhouse: CLO Awards Special 02:19 - Oak Hill Advisors' CLO Award and investor priorities 06:21 - How the CLO market has evolved since 2001 11:52 - The role of scale in CLO management success 15:35 - Future outlook for BSL market and AI's credit impact 19:03 - Understanding private credit's influence on the CLO market 23:25 - The broadening landscape of CLO investor types 29:05 - The transformative impact of AI on CLO management 33:34 - Personal insights and predictions TK Narayan, Partner - Structured Products, Oak Hill Advisors - https://www.linkedin.com/in/tk-narayan-257a647/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠ Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 — Robert Stark's new role and Nomura's global evolution 05:09 — Strategic focus: investment capabilities and vehicle preferences 10:10 — Beyond direct lending: ABL, real estate, and specialty finance 19:55 — Advisor education: gating, liquidity, and market understanding 31:54 — Navigating public-private convergence and growth risks 44:20 — Robert Stark's hobbies, book, and World Cup prediction Robert Stark, President & Deputy CEO, Nomura Asset Management International - https://www.linkedin.com/in/robert-stark-053202/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/ DealCatalyst Events⁠ - https://www.dealcatalyst.io/events Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Kicking Off the Episode with Samir Tejpaul 02:19 - Samir Tejpaul's evolving perspective on risk and opportunity 04:16 - Navigating commercial real estate in the second half of 2026 08:23 - Why the debt market now sets the tone in CRE 12:45 - Bullish on Bay Area, cautious on bifurcated office 18:29 - The journey of alternative lending post-GFC 26:01 - Innovating in today's competitive debt market 29:21 - Data centers: real estate or infrastructure? 31:25 - How AI is reshaping office, industrial, and housing 37:24 - AI: Enhancing data, not replacing human judgment 39:50 - Preparing for equity capitulation and market stability in 2027 43:23 - Samir Tejpaul's hobbies, leadership, and optimistic future view Samir Tejpaul, Head of Investments, Madison Realty Capital - https://www.linkedin.com/in/samir-tejpaul-198bb553/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/ DealCatalyst Homepage DealCatalyst Events Private Credit Club Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout. 00:00 - Welcome to The Credit Clubhouse with Altin Kadareja 02:22 - From Buy-Side Frustration to Founding Cardo AI 05:37 - Overcoming Challenges and Gaining Market Trust 08:12 - Cardo AI's Role in Private Credit Strategies 10:50 - Why Insurers are Investing in Private Credit 13:26 - Challenges for GPs Seeking Insurance Capital 15:51 - The Industry's Move to Continuous Data Transparency 19:19 - A New Structural Dynamic in Credit Markets 22:20 - Emerging Asset Classes and Cardo AI's Adaptability 25:52 - Technology's Role in Streamlining Private Credit Deals 28:47 - Enhancing Valuation Transparency with Technology 31:05 - Addressing Regulatory Concerns and Market Stability 36:04 - Analyzing the Private Credit Market's Future 38:04 - Tangible Applications of AI in Finance Today 41:13 - Defining the Future of Work in Finance 43:43 - Ensuring Trust and Compliance in Financial AI 47:06 - The Backbone of Scaling Private Markets 50:08 - Personal Insights and Future Market Outlook 54:17 - Thank You for Listening to The Credit Clubhouse Altin Kadareja, Co-founder and CEO, Cardo AI - https://www.linkedin.com/in/altinkadareja/ Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/ https://linktr.ee/thecreditclubhousepodcast