Uncommon Capital: Navigating Alternative Investments

Flight path: Private credit and global aviation finance

What do the Iran conflict, rising jet fuel prices, and aircraft shortages mean for airlines and investors? Jim McManus of AB CarVal breaks down the forces driving today's aviation market, from geopolitical risk and energy volatility to the long-term supply/demand imbalance in aircraft leasing. The episode also explores why private credit has become an increasingly important source of financing for the global airline industry. This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Quick Take: What's happening in private credit?

Underlying fundamentals in private credit appear sound, so why are negative headlines implying something different? Private Credit has generally offered yields higher than public high yield markets usually due to the liquidity premium, but it is not designed to be a daily liquidity asset class. To better understand the trade-offs, Brian Resnick gives a quick take on what's happening in private credit today. This podcast is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security, fund, or strategy. Views are as of the recording date and may change. Private credit involves significant risks, including illiquidity, credit loss, valuation uncertainty, leverage, and limited transparency. Any market data discussed should not be relied on as a forecast or guarantee. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Private Credit – Typical Cycle or in the Crosshairs?

Matt Bass, Head of Private Alternatives at AllianceBernstein, offers his view on private markets – from asset diversification and liquidity to the potential for growth and regulation. With a focus on transparency and clearing up misconceptions, Matt takes us behind-the-scenes at a growing fund manager poised at the intersection of direct lending, asset-based finance and all things private credit. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates.

Quick Take: What is Private Equity?

Private equity is simple – it's about owning companies, improving them and returning long-term value. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2026 AllianceBernstein L.P.

From Main Street to Wall Street: A View on Commercial Real Estate

Scott Greenfield, principal with AB CarVal, takes us on a tour of the broad commercial real estate credit market from private lending to investments in commercial mortgage backed securities (CMBS). He discusses what's interesting, the relative value between public and private markets, and how he and his team are deploying capital without chasing what everyone else is. Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this podcast. AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this podcast. This podcast is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor's personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein or its affiliates. The [A/B] logo is a registered service mark of AllianceBernstein, and AllianceBernstein® is a registered service mark, used by permission of the owner, AllianceBernstein L.P. © 2026 AllianceBernstein L.P.