42:I[185,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/1s-yni1uf2lwd.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/3b4qrzgkt_l12.js","/_next/static/chunks/15lgs8s22dk5l.js"],"SendEmailButton"] 44:I[63625,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/1s-yni1uf2lwd.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/3b4qrzgkt_l12.js","/_next/static/chunks/15lgs8s22dk5l.js"],"AddToLibraryButton"] 45:I[29721,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/1s-yni1uf2lwd.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/3b4qrzgkt_l12.js","/_next/static/chunks/15lgs8s22dk5l.js"],"ShareButton"] 46:I[58016,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/1s-yni1uf2lwd.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/3b4qrzgkt_l12.js","/_next/static/chunks/15lgs8s22dk5l.js"],"ProcessEpisodeButton"] 47:I[45269,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/1s-yni1uf2lwd.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/3b4qrzgkt_l12.js","/_next/static/chunks/15lgs8s22dk5l.js"],"SignupCTA"] 3a:["$","time",null,{"dateTime":"2026-03-25T12:00:00.000Z","children":"March 25, 2026"}] 3b:["$","span",null,{"aria-hidden":true,"children":"·"}] 3c:["$","span",null,{"children":"00:18:02"}] 43:T42a,

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