The Families Behind the Facilities Disciplined capital for lower middle-market businesses with real assets, real operators, and real stakes. A third-generation, family-owned trucking company serving the Southeast and Midwest. For decades, their trucks have moved goods across short-haul and long-haul routes, quietly supporting regional supply chains. Relationships with shippers built over years. A fleet maintained through economic cycles.…
Private Credit Under Pressure: Why Structure Matters More Than Scale In the past six months, private credit has moved from the business pages to the front pages. Federal fraud indictments. Emergency liquidations. Halted redemptions. The names now dominate the headlines: Tricolor Holdings, First Brands Group, Renovo Home Partners, BlackRock TCP, and most recently, Blue Owl Capital. We have addressed several…
What the BlackRock TCP Capital Write-Down Signals for Parts of Private Credit Summary: A recent 19% NAV decline at BlackRock TCP Capital underscores how concentrated exposures, equity-heavy restructurings, and high leverage can magnify losses in parts of private credit. It’s a reminder that outcomes across the asset class vary widely, and that conservative underwriting, modest leverage, first-lien security, and true…
Understanding Collateral Beyond Valuation In private credit, the significance of collateral is well recognized. Investors expect seniority, security, and a clear claim on assets. Given this assignment of collateral, asset-backed lending is intended to create more consistent outcomes across market cycles. Collateral is often described in simple terms. It exists, or it does not. It has a value, or it…
Where Private Credit Fits in a Portfolio For decades, the 60/40 portfolio has been the standard framework for long-term investors. Equities were expected to drive growth, while bonds provided income and stability. That structure has endured because, over long periods, it has worked. What investors have also seen is that the diversification provided by traditional assets has not been consistent…
The Architecture of Liquidity at Garrington In The Liquidity Advantage: What Investors Gain by Thinking Beyond Daily Access, we explored the real value behind less liquidity. This week’s blog continues that conversation. Here, we focus on how Garrington manages liquidity across its portfolios and how we plan, forecast, and structure access to ensure that investors benefit from flexibility without compromising…
Why Businesses Borrow Beyond The Banks We are often asked, “Why would businesses with strong collateral pay 12 to 15 percent per annum—or more—to borrow from us? What’s the catch?” In our view, there isn’t one. When structured and managed with discipline, senior-secured, asset-backed lending to smaller mid-market borrowers offers one of the most compelling risk-adjusted return profiles available to…
Lender Finance, Revisited: A Portfolio Inside a Portfolio Some subjects are worth returning to. We’ve written about lender finance before, but like any good portfolio, the more you study it, the more it reveals. Lender finance is not just a sector in which we participate. It’s a strategy that continues to exemplify what we look for across our entire book…
What’s Beneath the Surface: A Closer Look at How We Lend Transparency is often promised but rarely practiced. At Garrington, we aim to be the exception not just because it’s good investor relations, but because we believe trust compounds, just like returns. In our latest investor call, we opened the curtain on some of the larger facilities within our portfolio.…
The Discipline Behind the Numbers: Why Stability Is the New Alpha Conventional wisdom says investing is all about compromise. If you want the upside of equities, you must live with volatility. If you want safety, you accept muted returns. But the past decade has shown that this isn’t the only path. As Warren Buffett wisely stated , “The first rule…
