The ARR Reckoning: Decoding Software Stress Across Credit
February 25, 2026
In our latest topical webinar, Winifred Cisar leads the conversation with Andrew Hedlund, John Kim, and Lyle Margolis, who share insights on private credit liquidity, Blue Owl asset sales, leverage trends, covenant protections, and how AI may reshape software business models and credit outcomes.
Watch on YouTube:
Speakers:
Winnie Cisar, Global Head of Strategy, CreditSights
Andrew Hedlund, Managing Editor, LevFin Insights
John Kim, Director, Covenant Analyst, Covenant Review
Lyle Margolis, Head of Private Credit, Fitch Ratings
Timestamps:
00:00 – Introduction
02:34 – 2025 Review & 2026 Supply Outlook
09:16 – Portfolio Concerns & Return Scenarios
17:10 – Muni Valuations & After-Tax Yields
26:16 – Sector Outlook & Poll Results
31:32 – Airport Sector Analysis
36:22 – Higher Education Sector Headwinds
47:16 – State & Local Government Trends
52:14 – Curve Positioning Strategy
54:40 – Q&A & Closing Remarks
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