The Real Eisman Playbook The Private Credit Panic: Why Wall Street’s Big Winners are Now Losing | Real Eisman Playbook Ep 33
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Nov 10, 2025 Glenn Schorr, a research analyst from Evercore, dives deep into the turbulence facing private lenders like Apollo and Blackstone. He sheds light on the shifting dynamics in the credit markets and discusses the implications for investors. Schorr identifies KKR's resilience and its strong monetization strategy, while explaining the challenges for Goldman Sachs and Bank of America. The conversation also touches on tokenization's potential to transform finance and why traditional asset managers are struggling amid market changes.
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Private Credit Sell-Off Versus Public Markets
- Private credit stocks fell despite public high-yield spreads tightening, creating a confusing divergence in market signals.
- Glenn Schorr suggests fears centered on private markets taking more risk than public markets, but evidence shows many losses were in public syndicated loans, not private credit.
Prefer Managers Who Return Capital
- Favor KKR among alternatives because it consistently monetizes private equity and returns capital to LPs.
- Schorr highlights KKR's strong exit track record and large dry powder as reasons to prefer it now.
Higher Rates Stalled Private Equity Monetization
- Rising rates halted M&A and IPO activity, delaying private equity monetizations and extending fund life spans.
- That elongation reduces LP cash returns and pressures managers' performance metrics over longer horizons.