Jason Steiner
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- Milken Institute1h 0m
The Evolving Landscape of Asset-Based Finance and Securities Products | Global Conference 2025
Ted Seides, Matt Miller, Jack Neumark, Madelaine O'Connell, Jason Steiner, Edwin Wilches
Leading Asset-Based Finance managers including representatives from PGM, PIMCO, HPS, Fortress, and Bayview defined the sector as "private credit 2.0," focusing on securitizable income-generating assets like real estate and esoteric receivables to diversify beyond traditional corporate loans. While the panel consensus identifies homeowner resilience as a key defense against downturns, experts warn of rising subprime auto risks, FICO score distortions, and dangerous spread compression driven by record capital influx from insurers and pension funds. To navigate these dynamics, the group outlined divergent strategies ranging from maintaining "rent" models with originators to pursuing complex illiquid structures, all while emphasizing the necessity of rigorous forward-looking scenario analysis to manage deteriorating covenants and liquidity premiums.