← Atlas Theme · spans 1 topics
Private credit's expansion now runs on collateral only a model can price.
Squeezed out of clean corporate credit by returning bank competition, direct lenders are extending into hypothetical player-sale receivables and declined consumer-card tails — collateral whose value is a model estimate with no observable market.
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The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
Private Credit's Quiet Move Into Corporate America
Private Credit's Next Frontier: 'Squad-Value Financing' for English Football Clubs Security over receivables from sales that have not happened is collateral that exists only as a model output.
Private Credit's Quiet Move Into Corporate America
Private Credit's Consumer Frontier: JPMorgan Solicited "Second-Look" Partners to Underwrite Rejected Co-Brand Card Applicants Private credit underwrites the declined consumer tail — risk priced by no market and taken only because the bank refuses it.