On this inaugural episode of Credit Exchange, host Lisa Lee sits down with Fortress co-CEO Drew McKnight who sees the best play of 2025 in asset-based finance as banks become increasingly disintermediated. While President Donald Trump's win may loosen bank regulations, banks will still need to comply with Basel III and shore up liquidity to deal with asset-liability mismatches. Fortress is cautious about direct lending, the largest segment of private credit, but optimistic about its future given the improving M&A and LBO climate. Geopolitics remains the looming worry while the incoming Trump Administration could pressure corporate profits with tariffs and wage inflation but result in better outcomes for consumers.