Sohn Conference Foundation

Scott Goodwin

Private credit’s $2 trillion direct-lending slice grew as post-GFC rules pushed banks away from LBOs above 6x leverage, while BDC fees ran six-to-seven times CLO economics.AI-exposed SaaS loans were underwritten against ARR amid weaker covenants; Diameter says 40-50% of average portfolios carry AI risk, while 2021-22 maturities, divergent marks, and $150-200B of expected selling remain catalysts.