We almost got caught up in the First Brands mess years ago, but declined because it didn’t pass muster. Now it’s a $2.3B black hole. This week, Nelson and Prath unpack what went wrong, why redemptions are spiking, and the absurdity of private credit ETFs. Also: our secondary market is getting real traction, Brex just sold for $5B, and the administration wants a 10% credit card cap that could do more harm than good.

January 22, 2024

As we head into another board meeting this week, we are coming off of one of the most successful quarters in the company's history. The recap for 2023 will be short and sweet but it's about what we do with 2024 that is going to make all the difference. The key themes for this year that we will be going over with them are below:

January 16, 2024

Beyond just growing revenue in 2024, the name of the game is expense management as both levers have the ability to turn our company profitable. We're well versed in exactly what it will take to increase our revenues at this point so the big area of focus is going to be on ensuring we keep expenses flat to down.

Prath’s favorite saying becomes the theme of the episode. In the first full week of 2026, Percent signed a new software client, activated white-label platforms, saw organic secondary market traction, and onboarded two new hires already closing deals. Nelson and Prath break down what’s actually clicking, where private credit is headed, and why contrarian bets are starting to pay off.

The parallels to casinos are drastically obvious.

BY Nelson Chu

Prediction markets are all the rage right now. Weekly trading volume on prediction platforms just surpassed $2 billion, and apps like Polymarket are being treated as the “next big thing” in consumer finance and entertainment.

January 8, 2024

With a year of history under our belt with third party underwriters bringing deals to market, we have to take our reporting one step further. In the same way that we've been keen to track investor behavior (cohort performance, churn, etc.), we're going to need to begin tracking the performance of our borrowers and underwriters across their entire lifecycle as well.

January 2, 2024

2023 is in the books and what better way to end it than with a stellar month of December performance. We started in January booking just $[ ]K in revenue and we're ending December with over $[ ]K in booked revenue for the month (excluding the usual year end accounting write-offs and deferrals), a testament to just how far we've come in 12 months.

December 26, 2023

Not much more needs to be said for this week because the numbers speak for themselves... what a year.

December 18, 2023

Bryan and I went to [ ] last week to visit a huge asset manager with thousands of advisors. Thanks to an introduction from one of our board members, we spent the day with them walking them through our story, our history, and what we could offer them with our blended notes. For an organization as large as this, they were incredibly receptive to what we could do for their advisory clients.

December 11, 2023

As we round out the year, there's been no shortage of predictions for 2024, including from us in our most recent private credit outlook. Most calls for an outright recession have faded but there is an undertone of volatility and general market uncertainty that is permeating throughout.

December 4, 2023

Another month and another one for the record books. We're coming in for November at $[ ]M in AUM, a $[ ]M increase from October. This makes for the best month ever for AUM growth, pushing last month into second place. Even more importantly, this is $[ ]M above the forecast we had just made and shared with the board, translating to a revenue beat of $[ ]K above forecast as well. 

The private markets landscape is rapidly evolving, driven by increased transparency and demand for liquidity. With Wall Street giants investing heavily to shed light on private equity and credit, this sector is becoming a focal point for both institutional and retail investors. Adding to this dynamic shift are prediction markets like Polymarket and Calci, which have blurred the lines between traditional finance and gambling.

November 27, 2023

After the board meeting at the end of October where we got buy-in around the general direction of the forecast for 2024, the next step was to fine tune all the details. Between updates on vendor negotiations, finalized contracts, and a better assessment of deal volume growth based on the latest numbers from the past few weeks, we presented the final locked-in plan for revenue and expenses for 2024 to the board this past week.

Why patience, precision, and reputation are the real competitive edge in private credit

By Ilona Limonta-Volkova

1. What’s the problem you saw that others underestimated, and how did it first show up in your life or work?

November 20, 2023

It has been a productive week in Japan as I’ve been on a roadshow with [ ] to find ways to enter the Japanese market. It’s a fairly unique market in and of itself, dominated by a select group of mega banks and anchored by several other investment banks, all of whom offer comprehensive banking services from deposits and wealth management to investment banking and capital markets.