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…
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…
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…
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…
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…
