As the private credit market continues to grow, investors are diversifying strategies across various asset classes. However, recent economic uncertainty could reshape the sector’s ongoing evolution. In this episode, Leland Price from the FICC Market Structure and Liquidity Strategy team joins Jake Pollack, head of North America Credit Trading & Global Credit Financing, for a discussion on emerging challenges and opportunities in this space. From direct lending and collateralized loan obligations (CLOs) to private credit ETFs, tune in to better understand the shifting landscape of private credit. This episode was recorded on May 5, 2025. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2025 JPMorgan Chase & Company. All rights reserved.

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