The Four Pillars of Alpha in Asset-Based Finance

PIMCO Accrued Interest · May 1, 2026 · 50m

Private credit is much more than a direct lending story. It’s an asset-based finance one, too. And this other lane of private credit continues to be a solid source of diversification and returns. Benjamin Ensminger-Law and Jason Steiner join Greg Hall to walk through this evolving opportunity in private credit, starting with why cash flow velocity and structural diversity set asset-based financing apart from direct lending. From there, they lay out the four pillars of generating alpha in an asset class still in its early innings Show notes: (3:58) The state of asset-based finance (10:09) How…