Private credit is a $6T market still stuck in spreadsheets.On-chain rails could unlock it, says @MorganKrupetsky.CoinDesk Indices (@CoinDeskMarkets):“On-chain infrastructure can ultimately help to democratize access to a market that has historically been closed off to all but the largest institutions” says @MorganKrupetsky of @AvaLabshttps://t.co/b3eYx5jzaM ...

Core Insights - Percent has launched Separately Managed Accounts (SMAs) focused on private credit investments, targeting asset-backed loans valued under $25 million, with expected risk-adjusted returns between low double digits and mid-teens [2][4] - The SMAs will charge an annualized management fee of approximately 1% and an additional fee of 10% of the coupon rate for included deals, with plans to lower the minimum net worth requirement for investors [3][4] - The private wealth channel has shown increasing interest in private credit investments due to higher-than-average yields in a rising interest rate environment, although recent market volatility has raised concerns about potential defaults [4] Company Strategy - Percent's platform aims to raise funds from retail investors, family offices, Registered Investment Advisors (RIAs), and credit funds for non-bank lenders, focusing on small business, consumer, and litigation loans [4][6] - The company has been providing customizable products known as "blended notes" and has transitioned these into the SMA program since early September [5] - Percent's CEO highlighted the opportunity for investors to gain additional diversification through under $25 million transactions, which can offer better returns with comparable risk levels [6]

Summary of National Bank of Canada FY Conference Call Company Overview - **Company**: National Bank of Canada (OTCPK:NBCD.F) - **Subsidiary**: Credigy, a specialty finance subsidiary headquartered in Atlanta, Georgia, with over $8 billion in assets [2][4] Core Business Strategy - **Integration**: Credigy has been a fully consolidated subsidiary of National Bank of Canada since 2006, emphasizing its integral role within the bank [4] - **Focus**: The company provides capital to acquire or finance financial assets primarily in the U.S., targeting high credit quality consumers and low loan-to-value (LTV) mortgages [4][7] Competitive Advantages - **Team Experience**: Credigy boasts a tenured team of about 185 employees, with an executive team averaging 19 years together [6] - **Execution Over Price**: The company competes on execution and flexibility rather than price, differentiating itself from larger banks and new entrants in the private credit space [6] Market Outlook - **Mortgage Investments**: There has been significant momentum in Q2 and Q3, with expectations for continued growth. A declining interest rate environment is viewed as a potential tailwind [6][7] - **Insurance-Related Segment**: Opportunities exist in consumer-facing products with underlying credit exposure to high-quality insurance companies, providing diversification [9] Customer Interaction - **B2B Model**: Credigy operates purely on a business-to-business basis, building relationships with asset originators and intermediaries rather than directly with consumers [10] Growth Strategy - **Organic Growth**: The company prefers to grow by partnering with other companies rather than through acquisitions, maintaining a lean and flexible structure [11] - **Asset Class Expansion**: Credigy is open to exploring new asset classes but maintains a high bar for entry based on performance data and operational risk [12] Financial Performance - **Balance Sheet Evolution**: The distribution of assets has changed significantly over the past five to ten years, indicating responsiveness to market value [13] - **Growth Target**: Credigy aims for a long-term growth rate of 5% to 10% per year, adjusting based on market conditions [30] Regulatory Environment - **Oversight**: Credigy is overseen by the Office of the Superintendent of Financial Institutions (OSFI) as part of National Bank, with compliance frameworks in place for various asset classes [34] Technology and Efficiency - **Efficiency Ratio**: The company maintains an operating efficiency ratio below 30%, influenced by its asset mix [23] - **Technology Investments**: Credigy is investing in technology and automation to enhance operational efficiency and decision-making speed, particularly in due diligence processes [24][25] Risk Management - **Credit Quality**: The portfolio focuses on high credit quality consumers, with no current credit concerns reported [18] - **Liquidity**: While the company views itself as a long-term value investor, it believes there is liquidity available if needed [19] Conclusion - **Positive Momentum**: Credigy reports strong performance in Q3 and anticipates continued growth as part of National Bank's strategy in the U.S. market [36]

RT Rain (@raincards)Stablecoin Summer is over and school was back in session last night in NYC.@rooqster joined the Stablecon Salon to dive into how onchain finance is transforming private credit by streamlining capital flows, cutting risk, and unlocking new business models. It’s not just talk—Rain is built on this. Our capital-efficient model runs on onchain credit partners, giving us speed, flexibility, and global reach.Thanks for a great session @MorganKrupetsky (@avax), Lily Yarborough (Valinor), Juan M ...

Private credit firms are selling stakes of loan portfolios as a way to boost a closely watched measure of how much cash they return to investors such as pension funds and insurance companies https://t.co/CaWfbSBujf ...

RT Mike Dudas (@mdudas).@solana is an open, composable, always on, programmable, fast, cheap globally accessible ledger and network for tokenized- equity- private credit- dollars- art- treasuries- commodities- property- pokemon- spirits- creators- memes- tickets- [insert more here] ...

Alternative Investments Landscape - Alternative investments, including private equity, private credit, venture capital, and hedge funds, are becoming mainstream [1] - Total assets under management for alts have more than doubled in the past decade, from $7 trillion to $18 trillion, and are expected to reach $29 trillion by 2029 [2] - Congress has been reducing both the financial and educational thresholds for sophisticated investors over the past decade [10] - An executive order from the White House aims to increase the presence of alts in 401(k)s, potentially leading to more retail investor participation [11] Accessibility for Retail Investors - Alts, once exclusive to institutional investors and the ultra-wealthy, are now becoming more accessible to retail investors [2] - Retail investors can now access private credit with a minimum investment of $10,000 to $20,000 through funds [19][20] - The industry is moving towards semi-liquid public instruments, partnerships, securitization, and funds to provide access to alts [16] Risks and Challenges - High fees, less liquidity, less transparency, and potentially lower returns have been risks associated with alts [4][17] - Liquidity is a significant concern, especially for retail investors who may need their cash more readily [14] - Creating hybrid instruments that offer liquidity may compromise the higher returns typically expected from illiquid alternatives [17]

Non-consensus bets for the rest of 2025:Private creditDeFi options protocolsFixed incomeNFTsL2sMemesWhat else am I missing? ...

Core Insights - Brookfield Corporation has delivered impressive wealth-building returns, averaging over 15% annually for the past 30 years, outperforming the S&P 500 and many leading companies [1] - Over the past five years, Brookfield has achieved a robust 19.2% average annual total return, significantly higher than the S&P 500's 13.8% [3] - A $1,000 investment in Brookfield five years ago would be worth over $2,400 today, compared to approximately $1,900 for the same investment in the S&P 500 [3] Financial Performance - The company has an impressive 18% annualized earnings growth rate, driven by the rapid expansion of its wealth solutions business [4] - The wealth solutions platform has grown from about $2 billion in insurance assets under management (AUM) four years ago to over $110 billion today, largely due to strong organic growth and acquisitions [4] - Recent acquisitions include AEL for $4.3 billion in 2023 and American National for $5.1 billion in 2022, contributing to over $2 billion in annual earnings from this business [4] Asset Management Expansion - Brookfield has significantly expanded its alternative investment management platform, which now has over $1 trillion in AUM [5] - The expansion has been achieved through strategic partnerships and the launch of new flagship investment funds, focusing on megatrends such as infrastructure, renewable energy, and private credit [5] Future Outlook - The company anticipates that the next five years will be even better, with ongoing rapid expansion of its wealth solutions and asset management platforms expected to drive higher total returns for investors [6]

另类投资趋势 - 越来越多的家族办公室正在寻找股票的替代品来进行投资[1] - 自 2016 年以来，投资另类投资的家族办公室数量增加了 500% 以上[2] - 另类投资领域中，家族办公室今年更倾向于私募信贷[3] - 家族办公室警告称，费用较高，回报较低[4] - 80% 的年收入超过 1 亿美元的公司现在都是私有的，需要通过私募市场获得更广泛的投资机会[6] 私募信贷与私募股权 - 39% 的家族办公室计划今年增加或进行新的私募信贷和私募债务投资，29% 的家族办公室计划增加或进行私募股权投资[4] - 私募信贷在家族办公室总投资组合中占比仍然较小，约为 5%[4] - 家族办公室认为高额费用是投资私募市场面临的最大挑战，占比 72%[4] - 许多人质疑 3 万亿美元的投资组合公司是否能够以相同的价格或更高的价格退出[11] 私募股权公司表现 - 除 Carlile 外，KKR、Apollo 等一些私募股权公司的股票表现不佳，今年有所下跌[10]