View From The Top - Paul Oberschneider

The Private Credit Illusion: Valuations, Leverage and Unmarked Risk

Private credit valuations, leverage and the risk no one marks: an honest look at the illusion in parts of the private credit market.

What three days at MIPIM revealed about where real estate capital is moving, and why platforms are replacing one-off transactions.

Why the traditional real estate fund model is breaking, and where capital goes next as platforms take over.

This cycle isn’t about defaults, it’s about duration. How the capital stack squeeze is playing out for developers, lenders and investors.

Why portfolios built for 2010 struggle in a 2026 market, and why the UK’s squeezed middle may be the most misunderstood opportunity.

Back in London: why the UK keeps underbuilding, and what that means for housing, capital and the next decade of development.

Markets rarely break gradually. On the hidden stress building in real estate and credit, and why nothing breaks until it does.

Uncertainty, and why capital is quietly repositioning in real estate before the headlines catch up.

What a difficult year in real estate and private credit taught us, and why 2026 matters more. The View From The Top year-end edition.

The market, the momentum and the moment we’re in: what the first ten editions of View From The Top reveal about this real estate cycle.