"The guest argued that high-quality publicly traded Business Development Companies (BDCs) are undervalued due to an extreme market overreaction to private credit concerns."

"The guest argued that flawed risk-based capital rules allow banks to use regulatory arbitrage to fund highly risky private credit loans indirectly with favorable capital treatment."

"The bearish thesis argues that the private credit sector is entering a critical downturn where artificial asset valuations are losing credibility, threatening to trigger a funding and redemption crunch."