Steve Eisman Says Equity Value In Private Credit Software Companies Has Been 'Obliterated'

Benzinga_recent_news05-02 02:56

"Big Short" investor Steve Eisman said that while it's unclear how turmoil in private credit will ripple through the broader economy, software-related exposure within that market has been "obliterated...

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Period. There's no argument about it,\" Eisman said in an interview with CNBC.\nHe believes that the private markets sector is over-exposed in the software sector. He cited an Ares Management report which stated that 85% of their software exposure is fine, but 14% is medium risk and 1% is high risk, as reported by Bloomberg.\n\"The problem is that when you say 85% is fine, what you mean is that the companies are performing and are paying their interest. That's not the issue,\" he said.\n\"The issue with these companies is that even if they are fine, when it's time to get them refinanced, who's going to want to lend to them when the equity is less than half. That's what's coming. The equity value has been obliterated,\" Eisman said.\nOn the topic of private credit, which has seen market turbulence amid investor concerns about artificial intelligence and software, Eisman reiterated industry-wide sentiment that the problem is not systemic.\n\"Even if it creates a credit cycle, it’s not systemic because the banks are better capitalized than they probably even have been in their history. I don't sense a systemic risk,\" Eisman said.\nPhoto: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.1","shortVersion":"4.42.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2632642530","isCrawlerRequest":true}