"The bear case argued for retail-facing private credit is that retail investors lack the tolerance for the structural illiquidity and volatility inherent in these assets, risking a sudden run."

"The bull case for private credit returns is built on artificially smoothed, manager-marked valuations that fail to reflect public market distress and economic reality, according to Nick Nemeth."

"The guest argued that Blackstone Secured Lending Fund offers an attractive total return opportunity due to its deep discount to net asset value."