The Plumbing of Private Credit: Inside the Transfer Mechanics

E17 – Alex Cordover (Tradable) maps how a $25M private loan changes hands — participations, assignments and the four-to-six-week close + what actual…

Jul 21 • Fixed + Floating

4

2

Stretch Is Not Cash: The Lesson From Strategy’s Preferred Crash

E16 — Mark Palmer (StoneX) on $22bn of leverage, retail margin calls, and the Digital Credit Capital Framework of Strategy

Jul 8 • Fixed + Floating

4

1

June 2026

Financing the Big Market Delusion — Why the AI Build-Out Puts the Loss on Credit

E15 — Aswath Damodaran (NYU Stern) on why the AI market is arithmetically capped, why lending on an equity narrative breaks corporate finance, and what…

Jun 22 • Fixed + Floating

13

3

The Auto‑Supplier Problem That Refinancing Cannot Fix — Part 2: How StaRUG and Jurisdiction Shape Restructurings

E14 – Dr. Hendrik Hauke (Willkie Farr & Gallagher) on the instruments that actually get used when operational fixes are no longer enough — and how they…

Jun 11 • Fixed + Floating

3

The Auto‑Supplier Problem That Refinancing Cannot Fix — Part 1: Why European Distress Is Now Structural

E14 – Daniel Steiner (PwC) and Dr. Hendrik Hauke (Willkie) map why European auto‑supplier distress is now structural rather than cyclical, and where in…

Jun 9 • Fixed + Floating

4

1

May 2026

One Housing Trade, Ten Tickers: The Floor in Building Materials Credit

E13 – Andy Belton (CreditSights) makes the structural case for why heavyside beats lightside in credit terms and why the US HY building products index…

May 26 • Fixed + Floating

6

3

Significant Risk Transfer Has Quietly Become a $1 Trillion Hedged Market — And It Is Reshaping Bank Capital, Not Bank Origination

E12 – Frank Benhamou (Cheyne Capital) breaks down the SRT market — capital relief mechanics, tranching structures, and and what SRT means for credit…

May 12 • Fixed + Floating

20

3

April 2026

Why Software Credits Are LME Catnip

E11 — Sabrina Fox (Fox Legal Training) explains, why industrial‑era covenant packages on IP‑heavy borrowers have turned software into the easiest sector…

Apr 21 • Fixed + Floating

6

March 2026

When Annuities Meet Private Credit: The Regulatory Arbitrage Nobody Is Talking About

E10 — Jakub Lichwa (TwentyFour AM) decodes the capital structures and rating games reshaping life insurance's private credit pivot

Mar 24 • Fixed + Floating

6

1

1

The Invisible Tech Moat

E09 - James Bessen (BU/TPRI) explains why dominant firms get stronger as tech disruption accelerates

Mar 10 • Fixed + Floating

3

1

February 2026

$40B Below 80 - A Credit Analyst's Framework for AI Disruption in Software

E8 — Alec Keblish & Matthew Hughes (9fin) map the $40B software loan sell-off — leverage mechanics, margin compression, and a credit framework for AI…

Feb 24 • Fixed + Floating

4

BDCs and the Private Credit Puzzle: How Credit Markets Enabled a $534 Billion Lending Machine

E7 - John Giordano (Seaport Global) on funding mechanics, leverage economics, PIK risks, and credit market dependency

Feb 10 • Fixed + Floating

7