Industry Insights: Exclusive Interviews

EP 13: What Really Happened to CLO Equity with Ian Gilbertson

Julie Miecamp [https://www.linkedin.com/in/julie-miecamp-b4447733/]opens the episode by framing the CLO market after a difficult 2025, noting that the pressure on CLO equity was less about credit losses and defaults and more about arbitrage compression, asset repricing, and liabilities that could not adjust as quickly. She then introduces guest interviewer Hugh Minch [%20https%3A/www.linkedin.com/in/hugh-minch-9608a8b1/%20] and his conversation with Ian Gilbertson [https://www.linkedin.com/in/ian-gilbertson-321a6a15/] of Invesco [https://www.invesco.com/us/en/Individual-investor.html] (00:02:09), which begins with the macro risks shaping leveraged credit today, including AI disruption, software-sector stress, geopolitical volatility, consumer pressure, and the question of whether the market still has the same shock absorbers it had during the 2022–2023 rate-hiking cycle (00:02:24). Hugh and Ian then move into CLO issuance, pricing, resets, and refinancing activity (00:07:44), before discussing manager tiering and the shift toward larger, more diversified books (00:12:07). Ian explains why CLO equity had a difficult 2025 (00:16:17), emphasizing arbitrage compression over crystallized credit losses, then unpacks the captive equity debate (00:20:10), the growth of CLO ETFs and what they mean for liquidity and market structure (00:23:49), and the misconceptions that still come up in investor education. The episode closes with Ian’s outlook for the rest of 2026 (00:30:43), what institutional investors should ask CLO managers (00:31:33), and a rapid-fire round on credit discipline, ratings, career advice, and making decisions with imperfect information (00:32:27) ----more---- Hosted by Julie Miecamp [https://www.linkedin.com/in/julie-miecamp-b4447733/] Guest Interviewer: Hugh Minch [https://www.linkedin.com/in/hugh-minch-9608a8b1/] (Managing Editor of Structured Finance Insights, Octus) Guest: Ian Gilbertson [https://www.linkedin.com/in/ian-gilbertson-321a6a15/] (Co-Head of US CLOs and Portfolio Manager, Invesco) Producer:  Tanya Hubbard [https://www.linkedin.com/in/tanya-hubbard/] A Production of The Octus Podcast Network

EP 12: Why the Private Credit Panic is Overblown with Tyler Gately

Associate Editor Armie Lee [https://www.linkedin.com/in/armie-margaret-lee-a5509b6/] sits down with Tyler Gately, [https://www.linkedin.com/in/tyler-gately-661256139/]Head of North America Private Credit at Barings [https://www.linkedin.com/company/barings/], for a candid read on the state of direct lending in 2026. Recorded as Q1 was wrapping up, the conversation cuts through the noise. Tyler opens with a reality check on the private credit headlines (00:00:36), then walks through what is actually driving volume, why add-on activity is accounting for 60 to 70 percent of dollars going out the door (00:01:13), and the fastest market repricing since COVID, with spreads gapping out 50 to 100 basis points as the retail BDC dollar pulls back (00:03:02). He covers the Q2 pipeline and the long-predicted M&A bounce-back question (00:04:45), and explains what this dislocation means for institutional platforms that deploy their own capital (00:08:18). The second half digs into AI and software risk in private credit, why Tyler thinks the macro fear is overblown (00:10:13), and the new questions Barings is asking software borrowers today (00:12:55). He breaks down the Barings platform and how it has reconstructed the banking landscape for sponsors (00:16:27), the tale of two markets between retail and institutional LPs (00:18:01), and what actually separates a platform worth committing to from one that just looks good on paper (00:21:12). The conversation closes with Tyler's 2026 outlook (00:24:49), what starting his career in the 2008 financial crisis taught him about discipline (00:28:08), and a rapid fire round on mindset shifts, market trends, and what young credit professionals still get wrong (00:32:48). ----more---- Hosted by Armie Lee [https://www.linkedin.com/in/armie-margaret-lee-a5509b6/] Guest: Tyler Gately [https://www.linkedin.com/in/tyler-gately-661256139/] (Head of North America Private Credit, Barings) Produced and Edited by Tanya Hubbard [https://www.linkedin.com/in/tanya-hubbard/] A Production of The Octus Podcast Network

EP 11: When Creditor Coordination Becomes a Cartel with Doug Mintz & Brian Wallach

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode (00:00) by framing the growing legal scrutiny around creditor cooperation agreements and why two recent antitrust lawsuits have put common restructuring tools under a brighter spotlight. As liability management transactions become more aggressive and creditor groups organize earlier in the process, Julie explains why the line between coordination and collusion now matters more than ever. She then introduces Kevin Eckhardt [https://www.linkedin.com/in/kevin-eckhardt-26a955138/], Senior Director of Legal Analysis at Octus, who leads a detailed conversation with Doug Mintz [https://www.linkedin.com/in/kevin-eckhardt-26a955138/], Co-Chair of the Financial Restructuring Group at Cadwalader, Wickersham & Taft LLP, and Brian Wallach [https://www.linkedin.com/in/wallachbrian/], Co-Chair of the firm’s Antitrust Practice. The discussion begins with a practical breakdown of what creditor cooperation agreements are and how they evolved post-2020 (03:40), before turning to the Optimum lawsuit and the borrower’s claim that a creditor group functioned as a “market-blocking cartel” (07:10). From there, the conversation explores the legal theories at play, including per se versus rule-of-reason antitrust analysis (10:05), the challenges of defining the relevant market (14:20), and what discovery could mean if these cases survive early motions to dismiss (18:45). The episode then shifts to the Selecta litigation (26:10), examining creditor-on-creditor conflict and how courts may distinguish between competitive harm and ordinary restructuring behavior. The group closes by considering how these cases could reshape documentation, coordination strategy, and lender risk management going forward (34:30), offering a grounded look at how legal pressure may influence the next phase of private credit.

EP 10: How Asset-Based Lending Really Works with Marc Sole

Julie Miecamp [https://www.linkedin.com/in/julie-miecamp-b4447733/], Deputy Global Head of Editorial at Octus, opens the episode (00:03) by explaining why asset-based lending has moved from a niche strategy to one of the most closely watched areas of private credit. As high-profile bankruptcies and fraud allegations have put ABL under a brighter spotlight, Julie frames why understanding the mechanics behind these deals matters more than ever. She then brings in Senior Private Credit Reporter Dayna Fields [https://www.linkedin.com/in/daynafields/] to introduce her conversation with Marc Sole [https://www.linkedin.com/in/marc-sole-042045142/], Deputy CIO and Portfolio Manager of Sound Point’s Capital Solutions Strategy and Tactical Loan Opportunity Strategy. Dayna and Marc explore why asset-based lending has accelerated in recent years (06:37), tracing the shift of lending from banks into private credit and explaining how ABL differs from traditional direct lending across credit cycles. The discussion turns to headline cases (10:58), including First Brands, and why failures in collateral control can expose lenders in ways the market does not always expect. Marc then breaks down what disciplined ABL underwriting looks like in practice (15:00), from controlling cash flows and verifying receivables to tracking inventory and enforcing legal protections. He outlines the red flags lenders should never ignore and why strong back-office infrastructure is critical as banks continue to pull back from complex lending situations. The episode closes with a rapid-fire segment (28:58) on market consolidation, emerging risks, and career advice for professionals entering private credit, before Julie wraps the conversation. ----more---- Disclaimer: This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point and cannot be independently verified and are subject to change. All investing involves risks, including the risk of a total loss. Past performance is not necessarily indicative of future results.

EP 09: Private Credit Has a PR Problem with Randy Schwimmer

Julie Miecamp [https://www.linkedin.com/in/julie-miecamp-b4447733/] opens the episode (00:00) by introducing guest interviewer Katherine Schwartz [https://www.linkedin.com/in/katherine-schwartz-/], Primary Reporter at Octus, who shares why she wanted to sit down with Randy Schwimmer, [https://www.linkedin.com/in/randyschwimmer/] Vice Chairman and Chief Investment Strategist at Churchill Asset Management LLC. The conversation then transitions into Katherine’s interview with Randy before Julie returns to close the episode. Katherine and Randy explore the current state of the private credit markets (04:33). What began as media skepticism toward private credit has evolved into a more nuanced discussion about fundamentals and investor education. Randy emphasizes that while headlines focus on concerns, the underlying opportunity set remains constructive, supported by declining rates, resilient credit markets, and increasing private equity activity. They dig into why private credit draws negative media bias and why education is the differentiator for managers in this space. From there (15:15), the discussion shifts to deal structuring and credit fundamentals. Randy details Churchill’s disciplined approach, noting they review approximately 1,000 deals annually but close only 5%–7% due to restrictive credit filters developed over 20 years of experience. They get into leverage ratios, covenant structures, and why middle market transactions often hold more conservative terms than larger syndicated deals. The episode’s unofficial sponsor, “The Cov-Light Cycle Tracker,” makes its case (24:25). The tongue-in-cheek concept highlights the migration of covenant-light structures into smaller EBITDA companies before Randy and Katherine pivot to industry consolidation trends, weighing the benefits of scale against the risks of market concentration. The show closes with rapid-fire questions (40:05), where Randy talks about talent retention and career mentorship. The exchange highlights the value of humanities education in finance and the importance of maintaining genuine human connections in an increasingly data-driven industry. ----more---- Hosted by Julie Miecamp [https://www.linkedin.com/in/julie-miecamp-b4447733/] Guest Interviewer: Katherine Schwartz [https://www.linkedin.com/in/katherine-schwartz-/] (Primary Reporter, Octus) Guest: Randy Schwimmer [https://www.linkedin.com/in/randyschwimmer/] (Vice Chairman & Chief Investment Strategist, Churchill Asset Management) Produced and Edited by Tanya Hubbard [https://www.linkedin.com/in/tanya-hubbard/] A Production of The Octus Podcast Network