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# Private Credit: What They're Not Telling You (Free Webinar — Tomorrow 11AM ET)
- URL: https://www.leadlagreport.com/private-credit-what-theyre-not-telling-6a5a1023915ed26b1c413b9a/
- Published: 2026-04-22T18:03:06.000Z
- Updated: 2026-04-22T18:03:06.000Z
- Author: Michael A. Gayed, CFA
- Tags: Newsletter, #substack, #substack-type-newsletter, #substack-access-everyone, #Import 2026-07-17 08:13

*Tomorrow at 11:00 AM ET, I’m joining three other independent voices for a focused, 25-minute conversation on what’s really happening inside private credit — and what the marketing decks are leaving out.*

Private credit has been sold as the everything asset: higher yield, lower volatility, steady marks, and almost no correlation to anything that goes bump in the night. The pitch has worked. Trillions have flowed in. Allocators are stretching further down the capital stack than they have in a generation, and retail product is following close behind.

Now the cracks are starting to show.

Default rates are climbing. Payment-in-kind is quietly doing more of the heavy lifting on reported yields. Secondary marks are softening. And the gap between what managers tell LPs and what’s actually happening in the underlying loan books is widening in ways that matter.

**WHAT THE WEBINAR COVERS**

• True default rates versus the headline numbers, and why the two keep diverging

• The pricing feedback loop between public BDCs, interval funds, and the private marks

• Redemption pressure, gating mechanics, and what happens when the door gets crowded

• Real implications for advisors, allocators, and anyone holding a private credit sleeve “for the yield”

**WHO’S ON THE PANEL**

**Joe Castiglie** — SYKON

**Todd Stankiewicz, CMT, CFP** — SYKON

**Laks Ganapathi** — Unicus Research

**Michael A. Gayed, CFA** — The Lead-Lag Report

**WHY THIS MATTERS NOW**

Private credit isn’t going away. But the narrative that it’s a safer, smoother, better version of high yield is being tested in real time. If you’re holding it, allocating to it, or fielding questions about it from clients, the next 12 months are going to separate the managers who underwrote carefully from the ones who just gathered assets.

This is the conversation I’d want to listen to before the next round of statements hits.

**HOW TO JOIN**

[**Register here**](https://events.zoom.us/ev/Agal52cpavxrJQGZymAeqZmtARK5f9aEYM%5FTw-mUiPFZetLQXkCC~AgRW6bJOHXygKAkx3-hgH-%5FzcUgmaapUVo-ZQPyj-fsNVmOlRqmx6fj661BS-7dtHx63FyMTK5aQDc5sviGTIm7A3Q?ref=leadlagreport.com)

Thursday, April 23, 2026 · 11:00 AM – 11:45 AM ET · Free