Liquidity, Designed on Purpose Ask anyone paying attention to private credit headlines over the past six months what the biggest concern has been, and liquidity mismatch comes up fast. On a recent webinar introducing Garrington Private Credit to the US market, our Executive Vice President and Chief Risk Officer, Erica Axani, was asked directly about it. The mismatch behind…
When a Borrower Hits Distress: What a Disciplined Workout Actually Looks Like Every lender eventually has a borrower run into trouble. What separates a well-run credit book from a troubled one isn’t whether distress happens. It’s what the lender built in advance to handle it. On a recent webinar introducing Garrington Private Credit to the US market, our…
Discipline You Can Count: The Numbers Behind Our Underwriting It’s one thing to say a lending platform is disciplined. It’s another to show what that discipline actually looks like in the numbers. On a recent webinar introducing Garrington Private Credit to the US market, our President and Chief Credit Officer, Tammy Kemp, and our Executive Vice President and…
Part Three of Three: How a Workout Actually Works In Part One, we talked about the capital stack and why position matters. In Part Two, we talked about collateral, and why not all of it behaves the same way under stress. This is where the theory gets tested. A default is the moment everything we described in…
Not All Collateral Is Created Equal. Part Two of Three: What We Lend Against In Part One, we talked about the capital stack and why position matters. Senior secured lending gives you the first legal claim on a borrower’s assets. But that claim is only as good as the assets behind it. This is where a lot…
Where You Sit Changes Everything With the World Cup underway, even we Canadians are calling it football. Offence sells tickets, defence wins championships. In private credit, yield gets the attention. Protecting capital is what determines the outcome. We have written about the capital stack before. We will likely write about it again. What is happening across parts of…
When bonds stalled, Garrington Private Credit compounded. Last week, we discussed how understanding the source of returns may matter more than the asset class label itself. But correlation and diversification are not theoretical concepts. They are experienced in real time during periods of market stress. For many investors, traditional fixed income has historically played a stabilizing…
What Actually Drives Returns? Correlation gets a lot of attention in investing. What drives that correlation matters just as much. Many asset classes ultimately respond to the same underlying forces — interest rates, market sentiment, liquidity conditions, broad economic cycles. When those pressures emerge, positions that once looked diversified can start moving together. That is why understanding…
The Cost of Recovery Most investors understand volatility. What is often underestimated is how long recovery can take once capital is impaired. A drawdown is not always just a temporary decline in value. In many cases, it can represent years spent trying to rebuild what was lost. For investors relying on portfolios to generate income, preserve…
When Liquidity Terms and Loan Duration Don’t Match Aligning investor liquidity with the cash mechanics of the underlying loans. One of the simplest ways to evaluate a private credit strategy is also one of the most overlooked: How long does it take for the underlying loans to turn into cash, and how quickly can investors access that cash?…
