Private Credit Kieran Goodwin boaz weinstein junkbondinvestor Jeffrey Gundlach Jim Cramer Private Credit – Structure Matters There has been a lot of recent commentary around the current “risks in private credit.” A few structural points are worth clarifying. 1. Who actually owns

$APO $ARES $KKR $BX Substackers / financial media / distressed investors / gundlach Substacker incentive: let me use buzzwords that retail doesn’t understand, make comparisons to 2008, talk about the “evil private equity guys stealing your money”… print monthly subscription

I don’t share the view that private credit necessarily equals the end of the world, bought some $APO this morning around $105.50

bloomberg.com/news/articles/… junkbondinvestor Kieran Goodwin Negligible Capital sorry guys, Alts going to double AUM yet again

Goldman's David Solomon providing some much needed rational thought around private credit: - GFC saw defaults peak at 10% - recoveries were 50% - trough cumulative loss of 5%-6% vs coupons of 9%-10% For context, listed BDCs are currently pricing in defaults of more than 20%