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…
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…
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?…
Inside the Portfolio: An Aviation Services Refinancing As we begin to share select examples from the Garrington Private Credit portfolio, our objective is to provide greater transparency into how capital is deployed across operating businesses. Each investment represents a distinct set of operating dynamics, counterparties, and collateral profiles. What remains consistent is our underwriting approach, focus on senior secured structures,…
Where Opportunity Exists in Private Credit In recent years, several charts and league tables have circulated illustrating the growth of private credit. They often compare managers by assets under management, highlight the concentration of capital in the United States and Europe, and suggest where scale has accumulated. These visuals are helpful. They illustrate that private credit has become a permanent…
Past Performance Is Not Indicative of Future Results, So, We Underwrite the Future, Not Assume It The familiar sentence appears across every corner of the investment world. Beneath tables, beside charts, inside offering documents. Past performance is not indicative of future results. We have seen this play out in countless ways across credit cycles: liquidity that expands and contracts, models…
Tricolor – When Incentives Overrun Controls The bankruptcy of Tricolor Holdings has drawn global attention to subprime auto finance. Tricolor was a Dallas-based used car dealer and subprime auto lender serving borrowers with limited credit history. It operated at the intersection of retail car sales and consumer lending, a model that can blur incentives when sales and underwriting sit under…
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…
