355 | Private Credit Is Cracking, Here’s Why We’re Not In That Trade
From The Paper Trail by Chris Seveney
March 25, 2026 · 18 min · Episode 355
About this episode
Chris Seveney discusses the growing stress in private credit and the differences between corporate direct lending and asset-backed mortgage note investing.
In this new episode of the Paper Trail Podcast , Chris Seveney breaks down the growing stress in private credit and draws a clear distinction between corporate direct lending and asset-backed mortgage note investing. Chris Seveney walks through what is actually happening beneath the headlines, why parts of the market are showing strain, and how structural differences in collateral, underwriting, and resolution paths can lead to very different outcomes. Episode Timeline 00:00 Overview of recent developments in private credit markets 01:10 Definition and structure of private credit 03:03 Factors contributing to current market stress 04:52 Structural differences in note investing approaches 06:20 Role of asset-backed collateral in credit strategies 09:12 Observations on tech-enabled real estate lender activity 13:24 Considerations when evaluating loan pools 14:18 Summary of key discussion points 16:09 Additional resources and closing remarks
People in this episode
Host: Chris Seveney
Topics covered
- private credit
- corporate direct lending
- asset-backed mortgage note investing
- market stress
- collateral
- underwriting
- resolution paths
Keywords
- credit markets
- loan pools
- real estate lending
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- 354 | We Are Entering The Uncomfortable Cycle Of Mortgage Note Investing · March 4, 2026 · 21 min
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- 352 | How Political Policy May Reshape Mortgage Note Investing · February 18, 2026 · 21 min
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