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…
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…
Revisiting the Boutique Advantage in Private Credit There is growing recognition that “scale” in private credit does not always equate to “strength.” In fact, the structural realities of the underserved North American middle market continue to reinforce why a boutique approach, when executed with discipline, can offer something genuinely different. Given recent conversations with allocators in several regions, this…
Performance Reflects Preparation With the Winter Olympics underway in Milano-Cortina, many of us have been following the events between meetings and calls. It is a global reminder that while performance happens in the spotlight, the foundation for that performance is built long before. What we see on race day is the visible outcome. What we do not see are the…
Why Process Is the Hedge That Never Goes Out of Style As we shared during our year-end webinar, 2025 closed with a market full of competing narratives. Headlines moved in every direction. Sentiment shifted weekly. And yet one reality remained constant: Disciplined credit processes continue to win, especially in private markets. Coming into 2026, we haven’t changed our view or…
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…
Meet the Team: Erica Axani Erica Axani is an integral member of the Garrington Private Credit senior leadership team and serves as Executive Vice President and Chief Risk Officer. Her role encompasses firm-wide risk oversight, including underwriting standards, credit governance, and portfolio review. She is also a member of the firm’s Investment Committee and part of the executive team responsible…
