AnnaMaria Andriotis
speaker
89 appearances
3 recordings
1 series
first heard Nov 2025
last heard 31 Jul
AnnaMaria Andriotis’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jul 2026 with 1.
Appearances
And this involves a $5 billion investment in equity capital from Blackstone.
So that's the upside.
But I'm with you, Matt.
Things seem mixed at best considering the various challenges that this sector continues to face.
One of the things that is maybe easy to forget about is the quality of the underwriting that played out with these loans, where the companies that were borrowing didn't even need to show that they were profitable.
There were a lot of loosened terms, and a lot of these loans are still out there, outstanding.
All of this has occurred in an economy that has been strong.
So if we get to a place where the underlying economic fundamentals start to deteriorate, then it does raise significant questions about the future of these outstanding loans.
WSJ What’s News · The U.S. Economy Is Teetering. Here Are Three Industries to Watch · 12 Apr 2026
podcast
We are comfortably in the trillions of dollars and conservatively can say that there's roughly $1.3 trillion invested in private credit in the US, more than $2 trillion worldwide.
But the real uptick in volume in the private credit industry really took shape from a decade ago due to a mixture of regulations that were placed on banks that basically made
this type of lending even costlier and harder from a regulatory standpoint for banks to engage in.
And what we're now seeing is a mixture of two things.
One, clear-cut signs of deterioration in the quality of the loans that this industry has funded.
And the other red flag is that individual investors who have become a part of this equation, helping to fund these loans in recent years, who are freaked out.
They want out, but this is not a liquid industry.
And they're being told by private credit firms,
Like Blue Owl, the amount of requests we got for withdrawals far exceeds the 5% of the threshold that Blue Owl and others have set in the industry in terms of how much they will pay out from within their funds on a quarterly basis.
Well, that's where there is a potential concern for some type of systemic risk.
Because what we're looking at here are the borrowers of these loans that the private credit firms are making.
Many of them are small and mid-sized businesses.
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