Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode (00:03) by explaining why asset-based lending has moved from a niche strategy to one of the most closely watched areas of private credit. As high-profile bankruptcies and fraud allegations have put ABL under a brighter spotlight, Julie frames why understanding the mechanics behind these deals matters more than ever. She then brings in Senior Private Credit Reporter Dayna Fields to introduce her conversation with Marc Sole, Deputy CIO and Portfolio Manager of Sound Point’s Capital Solutions Strategy and Tactical Loan Opportunity Strategy.

Dayna and Marc explore why asset-based lending has accelerated in recent years (06:37), tracing the shift of lending from banks into private credit and explaining how ABL differs from traditional direct lending across credit cycles. The discussion turns to headline cases (10:58), including First Brands, and why failures in collateral control can expose lenders in ways the market does not always expect.

Marc then breaks down what disciplined ABL underwriting looks like in practice (15:00), from controlling cash flows and verifying receivables to tracking inventory and enforcing legal protections. He outlines the red flags lenders should never ignore and why strong back-office infrastructure is critical as banks continue to pull back from complex lending situations.

The episode closes with a rapid-fire segment (28:58) on market consolidation, emerging risks, and career advice for professionals entering private credit, before Julie wraps the conversation.

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Disclaimer: This material does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is being provided solely for informational and reference purposes only and is not intended to be, and must not be, the basis for any investment decision. Statements represent the subjective views of Sound Point and cannot be independently verified and are subject to change. All investing involves risks, including the risk of a total loss. Past performance is not necessarily indicative of future results.

Julie Miecamp opens the episode (00:00) by introducing guest interviewer Katherine Schwartz, Primary Reporter at Octus, who shares why she wanted to sit down with Randy Schwimmer, Vice Chairman and Chief Investment Strategist at Churchill Asset Management LLC. The conversation then transitions into Katherine’s interview with Randy before Julie returns to close the episode.

Katherine and Randy explore the current state of the private credit markets (04:33). What began as media skepticism toward private credit has evolved into a more nuanced discussion about fundamentals and investor education. Randy emphasizes that while headlines focus on concerns, the underlying opportunity set remains constructive, supported by declining rates, resilient credit markets, and increasing private equity activity. They dig into why private credit draws negative media bias and why education is the differentiator for managers in this space.

From there (15:15), the discussion shifts to deal structuring and credit fundamentals. Randy details Churchill’s disciplined approach, noting they review approximately 1,000 deals annually but close only 5%–7% due to restrictive credit filters developed over 20 years of experience. They get into leverage ratios, covenant structures, and why middle market transactions often hold more conservative terms than larger syndicated deals.

The episode’s unofficial sponsor, “The Cov-Light Cycle Tracker,” makes its case (24:25). The tongue-in-cheek concept highlights the migration of covenant-light structures into smaller EBITDA companies before Randy and Katherine pivot to industry consolidation trends, weighing the benefits of scale against the risks of market concentration.

The show closes with rapid-fire questions (40:05), where Randy talks about talent retention and career mentorship. The exchange highlights the value of humanities education in finance and the importance of maintaining genuine human connections in an increasingly data-driven industry.

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Hosted by Julie Miecamp Guest Interviewer: Katherine Schwartz (Primary Reporter, Octus) Guest: Randy Schwimmer (Vice Chairman & Chief Investment Strategist, Churchill Asset Management) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network

Private credit has become one of the most important forces in global finance, and host Julie Miecamp opens the episode (00:00) by bringing in Guest Interviewer Paola Aurisicchio, Chief Correspondent for Large Cap Private Credit at Octus (00:45). Paola explains why she wanted this conversation and why Guest Joseph Glatt, Partner and Co-Chair of the Global Private Credit Group at Paul Weiss, offers a rare long-cycle perspective before handing things over to him (01:30).

Joseph begins by outlining how private credit accelerated after the financial crisis (03:40) and the forces shaping its next chapter (05:01). He then breaks down what differentiates asset-based finance (06:50), why it has expanded so quickly (08:45), and which sectors are seeing the most momentum (09:45), from data centers to healthcare receivables to music and media royalties.

The conversation moves into how documentation and structures are evolving (10:56), before Paola asks why investment-grade companies are increasingly turning to private credit (12:40). Joseph explains at (13:00) that speed, certainty, and customization now often outweigh public-market pricing, with customization emerging as the major advantage (14:49).

Joseph then walks through financing the digital infrastructure boom (17:20) and why capacity underwriting matters more than deal size (19:56). The discussion expands into sports financing (20:37), including the legal and structural challenges around media rights, cross-collateralization, and league consents (23:00), and the growth ahead in women’s sports and esports (24:00).

Looking forward (24:52), Joseph predicts deeper global expansion, more collaboration between banks and private credit, and greater transparency. At (25:38), he outlines the qualities that will define the next generation of leading platforms.

The episode closes with a personal segment (26:09) where Joseph reflects on what drew him to the law, the career moment he is most proud of (27:04), his advice for young lawyers (27:29), and a few rapid-fire questions (28:17). Julie wraps at (29:02).

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Hosted by Julie Miecamp (Deputy Global Head of Editorial, Octus) Guest Interviewer: Paola Aurisicchio (Chief Correspondent Large Cap Private, Octus) Guest: Joseph Glatt (Partner and Co-Chair of the Global Private Credit Group at Paul Weiss) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network