02/06/2026
Private credit is not one market, and recent US headlines do not automatically reflect Australian risk.
Much of the current pressure in US private credit is linked to corporate lending, particularly leveraged buyout transactions within private equity. These deals often rely heavily on earnings forecasts, valuation assumptions and high levels of leverage.
When cash flow weakens, recovery can become difficult, especially where there is no clear hard asset backing.
🏦 Australian commercial real estate private lending is structurally different.
Well-managed CRE lending is generally supported by real property security, tangible asset value, borrower equity and clear enforcement rights. The downside is not based only on future earnings assumptions. It is connected to tangible, recoverable assets.
At CIX, this is the framework we operate within:
▫️ Asset-backed lending
▫️ Conservative structures
▫️ Disciplined deployment
We underwrite to what can be secured and recovered, not what might happen in a forecast.
In credit, structure determines outcome, not headlines.