What Doomer Narratives About Private Credit Miss | John Cocke of Corbin Capital
Speakers
John Cocke
— Deputy Chief Investment Officer
Summary
John Cocke discusses the private credit market, rejecting doomer narratives and highlighting opportunities in non-sponsor lending and data center financing. He sees selective opportunity in publicly traded BDCs trading at a discount to NAV.
- Private credit default rates are likely to remain manageable, not systemic.
- Interval funds face pro-cyclical flows but not a liquidity crisis.
- Non-sponsor lending offers better recovery through covenants and asset-based structures.
- Data center loans backed by hyperscaler contracts are a growing asset class.
- Some public BDCs trade at a discount to NAV and may attract opportunistic capital.
- Private credit secondary market requires buying at a discount, not at par.
- Managers with closed-end fund structures may outperform interval funds.
- Institutional investors are looking for opportunities in the private credit dislocation.
Trade Ideas
Some BDCs are attractive at discount.
Some publicly traded Business Development Companies (BDCs) are trading at a discount to NAV (around 85 cents) and present an attractive risk/reward, especially relative to private credit interval funds still valued at par. He expects increased interest from investors and sees potential opportunity for selective buyers.
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This Monetary Matters video, published May 24, 2026, features John Cocke discussing BIZD. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: John Cocke · Tickers: BIZD