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Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode by framing the scale of what has quietly become one of the fastest-growing corners of the credit market. In roughly 18 months, high yield and unrated AI infrastructure issuers have raised more than $107 billion, and the top seven players alone may need another $400 billion to $450 billion over the next four years to hit their stated capacity targets. She then hands off to Seth Brumby, Deputy Managing Editor at Octus, who sits down with Anton Gorbounov Senior Credit Analyst on the Octus credit research team. Brumby and Gorbunov walk through what a data center actually is and why the industry splits into powered shells and neoclouds (03:26), the backstories of the operators, from former crypto miners to an "Airbnb for chips" (08:56). They pressure test the macro and micro risks, including contract economics, counterparty exposure and GPU residual value (11:02), before turning to the widening gap between how equity and credit markets are pricing the same names (15:46). The conversation closes on what to watch next, including the Anthropic and OpenAI S-1s (18:08). A credit-first read on the sector everyone is watching and few fully understand. ----more---- Hosted by Julie MiecampGuest Interviewer: Seth Brumby, Deputy Managing Editor OctusGuest: Anton Gorbounov, Senior Credit Analyst, OctusProduced and Edited by Tanya HubbardA Production of The Octus Podcast Network

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode by framing a European private credit market bracing for a software reset, a refinancing wall building toward 2028, and a higher-for-longer rate environment that's quietly rewritten the playbook. The real risk, she notes, isn't the one everyone's arguing about. She then hands off to Lucia Camblor, Deputy Head of Private Credit and Deal Origination at Octus, in conversation with Mathew Cestar, President at Arini. Two decades into building leverage finance at Credit Suisse and advising ICG's leadership, Cestar walks through why Arini exited software lending 18 to 24 months ago, well ahead of the reset now forcing the industry to explain itself (04:19), why the nearer-term threat to tech-heavy portfolios is cost of capital rather than AI disruption (08:49), and why years of pent-up restructuring in private markets are still working their way through the system (14:43). He pushes back on the assumption that scale equals safety in large-cap direct lending (17:10), makes the case for pan-European diversification over single-country concentration (19:04), and closes with why sponsorless lending, ABF, real estate credit, and infrastructure are the next legs of European debanking (27:04). A conversation with a practitioner who has spent the full cycle inside European credit and isn't interested in the panel version of the story. Closing Credits----more----Hosted by Julie Miecamp.Guest Interviewer: Lucia Camblor, Deputy Head of Private Credit and Deal Origination, EMEA, Octus.Guest: Mathew Cestar, President, Arini.Produced by Tanya Hubbard.A Production of The Octus Podcast Network (00:00) - Introduction from Julie Miecamp (02:33) - Lucia Camblor introduces Mathew Cestar (03:08) - The state of European private credit after the GFC (04:19) - Software concentration, the SaaS reset, and why Arini exited early (08:49) - Rate environment, refinancing wall, and the energy overhang (14:43) - Default rates, the public-private feedback loop, and pent-up stress (17:10) - Where the risk sits: lenders versus sponsors (19:04) - LP rebalancing away from US concentration into Europe (23:17) - Banks versus private credit as a symbiotic ecosystem (24:44) - Sponsorless lending and the Lazard partnership (27:04) - Capital rotation into infrastructure and the debanking theme (30:33) - Secondaries, continuation funds, and market maturation (32:06) - Rapid-fire and wrap

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode by framing a CLO market that has changed almost beyond recognition: past $1 trillion in size, more than 160 managers issuing in the US alone, and the economics of CLO equity shifting under everyone's feet (00:06). She then hands off to Sid Punjabi, CLO Reporter at Octus, who caught Vince Pompliano, Managing Director and Co-Head of the US CLO Platform at Benefit Street Partners, at a real milestone: BSP just priced its 50th new issue CLO (02:19). Vince opens with the big picture, arguing the number one lesson of the past decade is that the structure works, with the waterfall, OC tests, and portfolio quality tests doing exactly what they were built to do (02:53). He pushes back on the negative headlines around Iran and the AI software scare, pointing to positive GDP growth, contained inflation, and borrowers still growing revenue and EBITDA (04:03), and lays out his base case for sustained gross issuance into 2026, helped by refis, resets, and short dated paper giving every investor an entry point (05:48). With the field this crowded, Vince argues return dispersion between managers is only going to widen, which makes the name on the deal matter more, not less (06:58), and walks through BSP's philosophy of building lower risk, more conservative portfolios that still deliver median or better equity distributions (07:45). He reflects on CLO 50 and the platform's growth from roughly $5 billion in AUM when he joined in 2014 to more than $30 billion globally today (08:41), before getting into consolidation, why access to capital and performance will separate the winners, and what actually earns a platform tier one status (13:43). The conversation then goes global: Japan's deepening bid and the rise of regional bank capital (17:51), how Korea, Hong Kong, and Singapore differ in risk appetite down the stack (19:18), and the untapped mezzanine and equity capital sitting in the Middle East (20:33). Vince gets philosophical on dislocation, explaining why diversification has to be built before volatility shows up, why BSP caps positions at 30 to 50 basis points, and why some of the best CLOs ever done were created in the worst moments (25:05). On the captive equity debate, he resets day one arb expectations around the familiar 12 to 15 percent target and makes the case that captive funds and ETFs are net positives for the market over time (33:21). He closes on reinvestment optionality as the critical driver of equity value (39:25), the role of CLO equity as a cash flowing complement to private equity in a portfolio (41:47), and the career lessons from his trading days, starting with the fact that this is still a relationship business (44:31). In the rapid fire, Sid gets the one misconception Vince would happily kill off, and the answer is three words: we are not CDOs (45:20). ----more----  Hosted by Julie Miecamp Guest Interviewer: Sid Punjabi, CLO Reporter, Octus. Guest: Vince Pompliano, Managing Director and Co-Head of US CLO Business, Benefit Street Partners. Produced and Final Edited by Tanya Hubbard A Production of The Octus Podcast Network----more----Chapter 00:00:00 Introduction from Julie Miecamp 00:02:19 Sid Punjabi introduces Vince Pompliano 00:02:53 State of the CLO market and why the structure works 00:04:53 Loan market health and 2026 issuance outlook 00:07:53 BSP portfolio philosophy and lower risk construction 00:13:56 Manager differentiation and coming consolidation 00:17:39 Global investor base: Japan, Asia, Middle East 00:24:43 Playing offense during dislocation 00:32:47 CLO equity, captive funds, and resetting arb expectations 00:41:36 The role of CLO equity in a portfolio today 00:44:16 Career lessons and rapid-fire wrap Closing Credits FROM BSP - Important Disclosure: This podcast is provided for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or investment product or to adopt any investment strategy. The views and opinions expressed are those of the speakers as of the recording date and are subject to change without notice. Statements regarding market conditions, industry trends, portfolio characteristics, expected returns, economic conditions or future events are forward-looking statements based on current assumptions and expectations and are not guarantees of future results. Any references to specific asset classes, investment strategies, securities or transactions are provided for illustrative purposes only and should not be construed as investment recommendations. References to Benefit Street Partners' investment process, portfolio construction, or risk management reflect the team's current approach, which may change over time and may not be successful in all market environments. There can be no assurance that any investment objectives, return expectations, or risk management strategies discussed will be achieved. Past performance does not guarantee future results. All investments involve risk, including the possible loss of principal.

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode by framing why European restructuring is at an inflection point. Part 26A is being shaped in real time through hard cases, liability management is now firmly transatlantic, and the question of what restructuring is actually for has not been this contested in years. She then hands off to Chris Haffenden, Senior Editor at Octus, in conversation with Andrew Wilkinson, restructuring partner at Weil. Wilkinson has had a front-row seat to every major chapter of European distressed since 1985. He walks through how the scheme of arrangement, born in Bermudian insurance restructurings, became the engine for European high yield (06:04), how Eurotunnel's 14 tranches of debt accidentally created the European distressed trading market (11:01), and his Goldman years through the financial crisis, including the taxi ride to brief the Chancellor on Northern Rock (19:23). The conversation turns to the trio of Part 26A cases that have rewritten the playbook (29:54), and closes on why advisors have let restructuring get too complicated (41:31). The throughline: fix the company, get it back to work. Somewhere the industry lost sight of that. ----more---- Hosted by Julie Miecamp Guest Interviewer: Chris Haffenden, Senior Editor, Octus Guest: Andrew Wilkinson, Restructuring Partner, Weil Producer Tanya Hubbard A Production of The Octus Podcast Network   (00:00) - Introduction from Julie Miecamp (02:06) - Chris Haffenden introduces Andrew Wilkinson (03:11) - Falling into restructuring and the scheme of arrangement (06:04) - European high yield and the move to a US firm (09:11) - Distressed investors arrive in London and Eurotunnel (17:50) - Joining Goldman and the financial crisis (21:37) - Ukraine, sovereign debt and the GDP warrant (26:08) - Part 26A, valuation and the trilogy of hard cases (33:54) - LMEs, Fossil and the alternative to Chapter 11 (38:02) - Rapid-fire: France, advice, and what restructuring forgot

Julie Miecamp opens with a simple observation: cross-border restructuring used to be a niche. A small group who knew which tools worked, which were theoretical, and how to close before the asset stopped being worth fighting over. It's not a niche anymore. She introduces Omar Vaishnavi's conversation with Peter Newman, Partner and Head of European Corporate Restructuring at Skadden, a lawyer with a simple view of what restructuring actually is: a company has too much debt, your job is to fix it, everything else is noise. The conversation opens with how Part 26A has moved from contested novelty to a reliable instrument, with courts now applying two distinct fairness frameworks to value allocation (12:34). Newman explains why Chapter 11 remains the gold standard but isn't always the right vehicle, and how the UK restructuring plan's surgical approach made it the value-maximizing path for New Fortress Energy (17:22). OceanRig anchors the episode's practical core (19:09): a cross-border restructuring Newman and Vaishnavi worked from opposite sides of the table, which succeeded because the deal moved faster than the dispute could. The teaching thread runs through the second half, with Newman drawing on seven years co-teaching at NYU to explain why the most powerful insight in restructuring is also the simplest (29:37). The episode closes with rapid-fire takes on the tools worth watching and what African Minerals taught him about the limits of a strong legal position (34:33). ----more---- Hosted by Julie Miecamp Guest Interviewer: Omar Vaishnavi, Head of Americas Coverage, Octus Guest: Peter Newman, Partner and Head of European Corporate Restructuring, Skadden Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network (00:06) - Introduction from Julie Miecamp (02:10) - Peter Newman’s path to cross-border restructuring (06:15) - How the toolkit evolved (09:02) - When Chapter 11 isn’t the right vehicle (12:11) - Part 26A’s growth trajectory (16:17) - New Fortress Energy and the surgical restructuring (19:09) - OceanRig vs. Pacific Drilling (23:36) - The melting ice cube (26:03) - Seven years co-teaching at NYU (31:39) - Rapid fire and close

Julie Miecamp opens the episode by framing the CLO market after a difficult 2025, noting that the pressure on CLO equity was less about credit losses and defaults and more about arbitrage compression, asset repricing, and liabilities that could not adjust as quickly. She then introduces guest interviewer Hugh Minch and his conversation with Ian Gilbertson of Invesco (00:02:09), which begins with the macro risks shaping leveraged credit today, including AI disruption, software-sector stress, geopolitical volatility, consumer pressure, and the question of whether the market still has the same shock absorbers it had during the 2022–2023 rate-hiking cycle (00:02:24). Hugh and Ian then move into CLO issuance, pricing, resets, and refinancing activity (00:07:44), before discussing manager tiering and the shift toward larger, more diversified books (00:12:07). Ian explains why CLO equity had a difficult 2025 (00:16:17), emphasizing arbitrage compression over crystallized credit losses, then unpacks the captive equity debate (00:20:10), the growth of CLO ETFs and what they mean for liquidity and market structure (00:23:49), and the misconceptions that still come up in investor education. The episode closes with Ian’s outlook for the rest of 2026 (00:30:43), what institutional investors should ask CLO managers (00:31:33), and a rapid-fire round on credit discipline, ratings, career advice, and making decisions with imperfect information (00:32:27) ----more---- Hosted by Julie Miecamp Guest Interviewer: Hugh Minch (Managing Editor of Structured Finance Insights, Octus) Guest: Ian Gilbertson (Co-Head of US CLOs and Portfolio Manager, Invesco) Producer:  Tanya Hubbard A Production of The Octus Podcast Network (00:00) - Introduction from Julie Miecamp (02:09) - Hugh Minch introduces Ian Gilbertson (07:44) - CLO issuance, pricing, resets, and refinancing activity (12:07) - Manager tiering and the shift toward diversified books (16:17) - Why CLO equity had a difficult 2025 (23:49) - CLO ETFs, liquidity, misconceptions, and the 2026 outlook (27:37) - Whether ETFs are changing CLO deal documents (30:43) - Outlook for the rest of 2026 (32:27) - Rapid-fire questions

Associate Editor Armie Lee sits down with Tyler Gately, Head of North America Private Credit at Barings, for a candid read on the state of direct lending in 2026. Recorded as Q1 was wrapping up, the conversation cuts through the noise. Tyler opens with a reality check on the private credit headlines (00:00:36), then walks through what is actually driving volume, why add-on activity is accounting for 60 to 70 percent of dollars going out the door (00:01:13), and the fastest market repricing since COVID, with spreads gapping out 50 to 100 basis points as the retail BDC dollar pulls back (00:03:02). He covers the Q2 pipeline and the long-predicted M&A bounce-back question (00:04:45), and explains what this dislocation means for institutional platforms that deploy their own capital (00:08:18). The second half digs into AI and software risk in private credit, why Tyler thinks the macro fear is overblown (00:10:13), and the new questions Barings is asking software borrowers today (00:12:55). He breaks down the Barings platform and how it has reconstructed the banking landscape for sponsors (00:16:27), the tale of two markets between retail and institutional LPs (00:18:01), and what actually separates a platform worth committing to from one that just looks good on paper (00:21:12). The conversation closes with Tyler's 2026 outlook (00:24:49), what starting his career in the 2008 financial crisis taught him about discipline (00:28:08), and a rapid fire round on mindset shifts, market trends, and what young credit professionals still get wrong (00:32:48). ----more---- Hosted by Armie Lee Guest: Tyler Gately (Head of North America Private Credit, Barings) Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network (00:00) - Armie Lee open’s the episode (01:21) - Tyler Gately Joins the show (03:02) - The fastest repricing since COVID (08:18) - What the BDC retail pullback means for institutional platforms (10:13) - AI and software: why the macro fear is overblown (16:27) - Inside the Barings platform and the full-stack sponsor solution (21:12) - What separates a real platform from one that looks good on paper (28:08) - Starting a career in the 2008 financial crisis

Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode (00:00) by framing the growing legal scrutiny around creditor cooperation agreements and why two recent antitrust lawsuits have put common restructuring tools under a brighter spotlight. As liability management transactions become more aggressive and creditor groups organize earlier in the process, Julie explains why the line between coordination and collusion now matters more than ever. She then introduces Kevin Eckhardt, Senior Director of Legal Analysis at Octus, who leads a detailed conversation with Doug Mintz, Co-Chair of the Financial Restructuring Group at Cadwalader, Wickersham & Taft LLP, and Brian Wallach, Co-Chair of the firm’s Antitrust Practice. The discussion begins with a practical breakdown of what creditor cooperation agreements are and how they evolved post-2020 (03:40), before turning to the Optimum lawsuit and the borrower’s claim that a creditor group functioned as a “market-blocking cartel” (07:10). From there, the conversation explores the legal theories at play, including per se versus rule-of-reason antitrust analysis (10:05), the challenges of defining the relevant market (14:20), and what discovery could mean if these cases survive early motions to dismiss (18:45). The episode then shifts to the Selecta litigation (26:10), examining creditor-on-creditor conflict and how courts may distinguish between competitive harm and ordinary restructuring behavior. The group closes by considering how these cases could reshape documentation, coordination strategy, and lender risk management going forward (34:30), offering a grounded look at how legal pressure may influence the next phase of private credit. (00:00) - Julie Miecamp Opens – Why Creditor Coordination Is Under Legal Scrutiny (01:05) - Episode Context & Motion to Dismiss Note (02:00) - What Is a Creditor Cooperation Agreement? (05:00) - Post-2020 LMEs and the Rise of Modern Co-Ops (07:00) - The Optimum Lawsuit – “Market-Blocking Cartel” Allegations (10:00) - Per Se vs. Rule of Reason – Breaking Down the Antitrust Framework (14:30) - Defining the Relevant Market – LevFin vs. Company-Specific Debt (18:30) - Motions to Dismiss, Discovery, and What Happens Next (23:30) - Kirkland Conflict Fallout – What It Signals (26:30) - The Selecta Case – Creditor-on-Creditor Warfare (30:00) - Competition vs. Competitors – Key Antitrust Distinction (33:30) - Bankruptcy Court vs. District Court Analysis (36:00) - Market Implications for Creditor Coordination (41:00) - Settlement Risk and Broader Precedent Concerns (44:00) - Culture Close – The Replacements, Alt Rock & Career Self-Sabotage (47:00) - Final Reflections with Doug & Brian (48:00) - Julie’s Closing Remarks

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. ----more---- 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. ----more---- 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 (00:00) - Julie Miecamp sets the stage and introduces Katherine Schwartz (04:11) - Why private credit headlines get it wrong (05:04) - Media skepticism, education, and the real state of the market (10:36) - Where we are in the credit cycle and why the setup looks constructive (16:32) - Inside the underwriting filter: leverage, covenants, and discipline (22:25) - The Cov-Light Cycle Tracker and creeping risk in smaller deals (23:54) - Consolidation, asset-based finance, and the liquidity divide (36:39) - Personal close: mentorship, humanities, and staying human in finance

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). ----more---- 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 (00:00) - Introduction – Julie Miecamp sets the stage (00:45) - Paola outlines the stakes and why Joseph was such an important guest 00:03:40 How private credit scaled after the financial crisis (05:01) - The forces shaping the next decade (06:50) - Asset-based finance explained (10:56) - How deal structures and documentation are evolving (12:40) - Why investment-grade companies choose private credit (17:20) - Financing the digital infrastructure boom (20:37) - Sports, media, and the rise of franchise financing (24:52) - The next five years of private credit (27:29) - Advice for young lawyers (29:02) - Closing remarks

Host Julie Miecamp opens the episode and sets up this week’s focus on how sponsor finance has shifted after two years of uneven activity. With sponsors returning to market and financing options expanding, she brings in Octus Leveraged Finance Editor Michael Haley to frame the themes that emerged in his conversation with this week’s guest. The interview begins at (02:42), when Michael sits down with Tom Amster, Global Head of Financial Sponsor Coverage at Macquarie Capital. Tom explains why, from a financing perspective, the market is “absolutely back,” and how competition between private credit and the syndicated loan market is giving sponsors more flexibility than they have had in years. He breaks down the wave of repricings and dividend recaps earlier in the year, what tariff driven volatility briefly interrupted, and why activity accelerated through the summer. At (07:00), Tom turns to sector activity, noting broad based recovery across technology, aerospace and defense, healthcare, and infrastructure including the growing importance of data centers. The conversation moves into the sponsor backed IPO window at (12:00), with Tom outlining how leverage expectations, valuation arbitrage, and pent up scale are shaping which companies come to market. Beginning at (17:00) Michael and Tom widen the lens to fundraising trends and what Tom calls the decade of differentiation. They discuss why some private equity firms are raising larger funds than ever while others are shrinking targets, how limited partners are evaluating performance, and why continuation vehicles have become a durable part of the liquidity toolkit. The episode closes around (24:00) with rapid fire insights from Tom on market indicators to watch, before Julie returns at (25:00) with closing remarks and a reminder to subscribe. Host: Julie Miecamp Guest Interviewer: Michael Haley, Leveraged Finance Editor, Octus Guest: Tom Amster, Global Head of Financial Sponsor Coverage, Macquarie Capital Produced and edited by: Tanya Hubbard (00:03) - Opening: Julie sets up the episode (00:33) - Why Michael wanted this conversation (02:44) - Introduction of guest Tom Amster (03:09) - How private equity has changed over two decades (04:41) - Private credit and syndicated loans compete for sponsor deals (07:09) - Sector momentum and early signs of recovery (12:48) - Sponsor backed IPOs reopen and why (16:49) - The decade of differentiation in private equity (19:09) - Continuation vehicles and liquidity options (24:39) - Rapid fire Q&A (25:29) - Closing and credits

Julie Miecamp sets the stage at (00:00:04), framing how CLO ETFs jumped from niche to mainstream and why that shift matters now. She brings in Octus reporter Diana Bravo at (00:01:04) to lay out the stakes and context for the interview. John Kerschner joins Diana at (00:03:12) and walks through the ETF origin story, why CLOs fit the wrapper, how active design and investor education drove scale, and what the adoption curve really looked like for retail vs institutions.  Midway, they use the April “Liberation Day” wobble as a live case study, starting at (00:12:22), to explain spread moves, why price and NAV briefly diverged, and how the structure behaved under stress. The conversation then moves into ETF plumbing at (00:26:08) and in-kind vs cash creates/redeems at (00:28:23), clarifying why AUM down doesn’t automatically mean forced selling.  The global lens opens at (00:15:24) with Europe and UCITS access, including offshore tax considerations and early AUM. Competition and market share dynamics kick in around (00:13:10), highlighting how education and liquidity helped sustain first-mover advantage. Kerschner’s macro and risk outlook starts at (00:33:27), followed by a growth view on potential AUM scaling in the next 12–18 months. The rapid-fire close begins at (00:39:46). Julie returns to wrap the episode at (00:42:16) with takeaways and the subscribe nudge. ----more---- Credits Host: Julie Miecamp Guest Interviewer: Diana Bravo Guest: John Kerschner, Global Head of Securitized Products, Janus Henderson Produced and edited by: Tanya Hubbard (00:04) - Opening: Julie sets the stage (01:04) - Julie brings Diana Bravo (03:12) - John joins Diana: ETF history and why CLOs fit the wrapper (12:22) - Liberation Day: what the wobble revealed (15:24) - Europe & UCITS: the global build-out (18:46) - CLO 101: cash flows, tranches, resilience (26:08) - ETF plumbing: creations, redemptions, NAV dynamics (28:23) - In-kind vs cash: flows without fire sales (30:18) - Flow feedback loop: ETFs and underlying prices (33:27) - Macro outlook: rates, recession odds, spread risk (36:08) - Growth view: can AUM double in 12–18 months? (39:46) - Rapid-fire: leverage, statistics, resilience, rules to change (42:16) - Closing: Julie’s wrap and subscribe CTA

At (00:00), host Julie Miecamp opens the episode and introduces reporter Dia Gill, who explains at (01:21) why she wanted to interview Ameneh Bordi, Senior Managing Associate at Sidley Austin. From there, the conversation turns at (05:41) to Ameneh’s unconventional career path, spanning Kirkland & Ellis, Amazon, and now Sidley, and at (12:43) she unpacks what she calls “odd duck” cases, the unusual matters that sit outside the typical Chapter 11 mold. The discussion deepens at (13:04) as Ameneh reflects on navigating a male-dominated field while staying true to her own personality, and at (17:24) she describes how becoming a mother reshaped the way she balances boundaries, mentorship, and the demands of big law. At (19:58), the focus shifts to the Plenty bankruptcy, a case that showed the power and promise of Chapter 11, which moved from filing to emergence in just two and a half months (25:47). By (26:57), she’s exploring what venture-backed companies should learn from that experience, before turning at (28:53) to international restructurings and the evolving role of Chapter 15. Later in the episode, at (33:25), Ameneh discusses whether US companies could realistically take their cases abroad, and at (35:14) she weighs in on the state of pre-packs, LMEs, and the tools companies actually use when time and panic are factors. The conversation closes at (37:03) with her big-picture reflections on 2025 restructuring activity, her predictions for the second half of the year (38:12), and a rapid-fire segment (39:03) on the phrases, skills, and rules she’d most like to change. ----more---- Show Host: Julie Miecamp Guest Interviewer: Dia Gill Guest: Ameneh Bordi Produced and Edited by: Tanya Hubbard (00:00) - Host Julie Miecamp introduces the episode and sets the stage (01:21) - Dia Gill explains why she wanted to interview Ameneh (05:41) - AAmeneh traces her path from Kirkland & Ellis to Amazon and back to Sidley (12:43) - What makes an “odd duck” restructuring case (13:04) - Owning personality in a male-dominated field (17:24) - Creating space for motherhood while sustaining a demanding practice (19:58) - The Plenty bankruptcy: lessons from a fast-track Chapter 11 (25:47) - How the case wrapped in record time (26:57) - What venture-backed companies should learn from Plenty (28:53) - Cross-border restructurings and the evolving role of Chapter 15 (33:25) - Can US companies realistically take their cases abroad? (35:14) - Pre-packs, LMEs, and what tools companies are really using (37:03) - Big-picture reflections on 2025 restructuring trends (38:12) - Predictions for the second half of the year (39:03) - Rapid-fire: the phrases, skills, and rules Ameneh would change

In this episode of Industry Insights: Exclusive Interviews host Julie Miecamp introduces a sweeping conversation on the evolution of private credit with someone who helped shape the space from the ground up. Octus reporter Katherine Schwartz sits down with Michael Gross CEO and co-founder of SLR Capital Partners to explore how the once niche asset class has transformed into a highly liquid increasingly commoditized segment of global finance. From his early days at Apollo to building one of the most diversified platforms in the industry, Gross brings more than 30 years of experience to a candid and timely discussion. They examine the post–golden age hangover, the decline of illiquidity premiums, and the shift from cash flow lending to asset-based strategies. Gross explains why real edge today comes from underwriting complexity, not chasing scale, and how institutional appetite is reshaping the market from the inside out. The conversation also covers retail capital, documentation risk, and platform evolution... offering hard-earned perspective on where opportunity lives now and what investors are still getting wrong. Plus, a rapid-fire close on what keeps Gross up at night, what he misjudged about life sciences, and the overlooked corners of credit he believes still hold real promise. If you are trying to understand where private credit creates value in 2025, this is the episode to hear. ----more---- Hosted by: Julie Miecamp Guest: Michael Gross Interview by: Katherine Schwartz Produced and edited by: Tanya Hubbard An Octus Podcast Network Production