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.

00:00:00 - Kicking Off The Credit Clubhouse with Thomas Galbraith

00:01:59 - Understanding Barkr's AI Valuation for Hard Assets

00:04:27 - Tracing the Expansion of Asset-Based Finance

00:07:46 - How Technology Transforms Asset-Based Finance Underwriting

00:11:20 - Why Proprietary Data is Barkr's AI Advantage

00:13:48 - The Blurring Lines Between Public and Private Credit

00:17:20 - Building Client Trust with AI Transparency and Guarantees

00:24:06 - How Barkr Manages AI Risk and Augments Valuations

00:29:30 - The Future of AI in Credit and Avoiding Misconceptions

00:38:49 - Personal Hobbies, Books, and a 12-Month AI Prediction

00:44:56 - Wrapping Up the Credit Clubhouse Episode

Thomas Galbraith, CEO & Co-Founder, Barkr - https://www.linkedin.com/in/thomasgalbraith/

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.

01:46 - Greg Ciesielski and the Evolution of Secondaries

05:55 - Why HarbourVest Launched a Dedicated Credit Secondaries Strategy

07:23 - Private Credit: Separating Headlines from Reality

09:57 - Software Risk, Market Dislocations and Buying Opportunities

11:42 - Who Is Selling Credit Assets and Why?

14:45 - LP Liquidity and the Growth of Credit Secondaries

16:47 - Supply, Demand and Pricing Opportunities

18:18 - Continuation Vehicles: Private Equity vs. Private Credit

20:41 - Underwriting Credit Secondaries and Managing Portfolio Risk

24:52 - Deal Sourcing, Intermediaries and Lead Arrangers

28:09 - Can Credit Secondaries Keep Up with Market Growth?

29:47 - The Time Traveler's Advantage in Credit Secondaries

34:24 - Fund Duration, Evergreen Vehicles and Future Liquidity

36:20 - What's Next for Credit Secondaries?

37:36 - Rapid Fire: Sports, Career Lessons and Market Predictions

Greg Ciesielski, Managing Director, HarbourVest Partners (Secondaries) - https://www.linkedin.com/in/greg-ciesielski-6980907/

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 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.