In this episode of the Know More. Risk Better. podcast, host Winnie Cisar speaks with Matt Woodruff about the outlook for aviation, defense, and transportation as markets face a challenging start to the year. They discuss airline demand, pricing pressures, and the future of loyalty programs, as well as aircraft supply chain issues, lessor trends, and industry consolidation. The conversation then shifts to defense spending and geopolitical risks that could shape credit markets. The episode concludes with insights on rail M&A and its implications for investors. Listen now to gain sector-specific credit views and strategic ideas to position your portfolio for 2026.