Let's bring in now Charles Schwabs, Lisanne Saunders, and Solless Alternative Asset Management, Dan Greenhouse. It's great to have you both with us, Lisan. This welcome to New York.It's good to have you here. Nice to be here. >> This definitely seems to be pretty heavily on the mind of of the market.What do you what do you make of the concern here. Yeah, I mean these concerns were brewing uh probably exacerbated even before the news out of Zions and Western today uh from the cockroach comment by Jamie Diamo ...

Private Credit Market Concerns - First Brands 破产引发对私募信贷市场风险的担忧，可能预示着问题的开始 [1][2] - 市场对私募信贷的乐观情绪和不透明性表示担忧，类似于影子银行系统，可能导致潜在问题 [6][8] - Jamie Dimon 称私募信贷市场的爆炸式增长是“金融危机的配方”，因为该市场尚未在经济疲软时期经历考验，目前市场规模达 2 万亿美元 [5] Lending Practices and Risks - 宽松的借贷环境导致过度借贷和激进的假设，增加了公司在经济放缓时面临的风险 [3] - 行业内对贷款水平的透明度不足，难以评估潜在风险，加剧了市场的不确定性 [10][12] - 如果贷款是基于 EBITDA 的 6-7 倍，则可能存在问题，但如果贷款是基于 EBITDA 的 4 倍，则问题不大 [9] Potential Mitigation and Outlook - 美联储可能通过降低利率来缓解问题，从而降低资本成本，避免经济衰退 [4][7] - Avenue Capital Group 在人们别无选择时提供贷款，可以控制条款，并以 EBITDA 的 3-4 倍的杠杆率放贷，风险覆盖充分 [11] - 市场普遍认为，如果经济放缓，企业削减开支的能力将面临挑战，可能需要更多资本 [6][7]