Uncommon Capital: Navigating Alternative Investments

Dan Pazar, a senior member of the investment team at Taiber Kosmala and Associates LLC, guides his clients through the dynamics of alternatives. In this episode, Dan and host, Brian Resnick, discuss liquidity, the importance of manager selection and getting comfortable navigating risk. Dan's insights create a deeper understanding of the nuances and protections available when investing in private credit markets – from direct lending to asset-based finance to infrastructure investing.

This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Asset-based finance is one of the fastest growing segments in private credit. These are assets we all know and experience in the real economy – from mortgages to consumer credit to auto loans. From an investor perspective, the appeal is diversification through bespoke structures, granular portfolios and cash-flowing or income-producing assets. Find out why asset-based finance is trending in this quick take.

This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

In this episode of Uncommon Capital, Brian Resnick speaks with Noel Archard, AllianceBernstein's Global Head of Product Solutions and Marketing, about the evolution of investment vehicles and what it means for access to alternatives. The conversation explores the strengths and limits of ETFs, the role of semi-liquid structures like interval funds, how model portfolios and UMAs can help advisors incorporate less-liquid investments, and why tokenization may improve market efficiency without necessarily creating liquidity.

This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Semi-liquid investment vehicles provide liquidity features, but they do not provide guaranteed liquidity. As new structures are designed to make private investing more accessible, they are garnering attention, questions and some scrutiny. Learn more about what private market vehicles are and why structure matters in this quick take.

This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

What do the Iran conflict, rising jet fuel prices, and aircraft shortages mean for airlines and investors? Jim McManus of AB CarVal breaks down the forces driving today's aviation market, from geopolitical risk and energy volatility to the long-term supply/demand imbalance in aircraft leasing. The episode also explores why private credit has become an increasingly important source of financing for the global airline industry.

This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Underlying fundamentals in private credit appear sound, so why are negative headlines implying something different? Private Credit has generally offered yields higher than public high yield markets usually due to the liquidity premium, but it is not designed to be a daily liquidity asset class. To better understand the trade-offs, Brian Resnick gives a quick take on what's happening in private credit today.

This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Matt Bass, Head of Private Alternatives at AllianceBernstein, offers his view on private markets – from asset diversification and liquidity to the potential for growth and regulation. With a focus on transparency and clearing up misconceptions, Matt takes us behind-the-scenes at a growing fund manager poised at the intersection of direct lending, asset-based finance and all things private credit.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Private equity is simple – it's about owning companies, improving them and returning long-term value. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2026 AllianceBernstein L.P.

Scott Greenfield, principal with AB CarVal, takes us on a tour of the broad commercial real estate credit market from private lending to investments in commercial mortgage backed securities (CMBS). He discusses what's interesting, the relative value between public and private markets, and how he and his team are deploying capital without chasing what everyone else is.

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2026 AllianceBernstein L.P.

Welcome to the first episode of Uncommon Capital's Quick Takes where host Brian Resnick breaks down real world investment insights in under five minutes. For our first topic, we start at the beginning: What are private markets?

Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2026 AllianceBernstein L.P.