Private Credit

I've spent decades buying paper on distressed real estate, and the most dangerous file is the one that looks fine. Private credit is sitting in that exact spot right now.

From the outside the housing market reads calm. Sit with the underlying data long enough, though, and a foreclosure wave starts to take shape beneath it.

Airlines and their dedicated flight attendants are making more money selling you an airline credit card and debt than the actual flight fare.

Two years ago, commercial real estate distress filled every forecast. But the wave that was supposed to hit, didn't.

I've spent my career in real estate debt and distress, so manufactured housing was never really on my radar. Then I learned a bit about the wealth it's building that caught me off guard.

Accounts receivable financing answers a question conventional lending keeps getting wrong: what actually counts as collateral?

Private credit didn’t grow because it was safe. It grew because the banks stepped back from risk after the global financial crisis. That capital gap had to be filled and it arrived by the trillion.

The private credit market is sophisticated, regulated, fast-moving ecosystem. If it isn't already part of how you think about funding, this is a good place to start.

Negotiating distressed commercial real estate without understanding which version of "lender" you're dealing with, you're not negotiating, you're guessing.

A new paper from Brian Shearer argues P&C insurance premiums are over $100 billion too expensive and raises a question every creditor should be asking.