Episode Description:

Private credit has become one of the most talked-about areas of investing, but not all private credit works the same way.

In this episode of EnRich Your Life, Richard Leimgruber sits down with Rich Hill, Senior Managing Director and Global Head of Real Estate Research and Strategy at Principal Asset Management, to explore one particular corner of the private credit market: commercial real estate debt.

What does it actually mean to invest in real estate debt rather than own real estate? How does lending against a property differ from lending to a company? And after several challenging years for commercial real estate, why are some investors paying closer attention to this market now?

Episode Highlights:

• How commercial real estate debt works
• The difference between private corporate credit and private real estate debt
• The risks investors should understand
• How alternative investments can complement traditional stock and bond portfolios

If you've been hearing more about private credit but aren't quite sure what it means, or where real estate debt fits into the picture, this conversation is designed to help make it easier to understand.

Disclosure 1:

As of 31 March 2026. 'Bloomberg Global-Aggregate Total Return Index Value Unhedged USD Cliffwater Direct Lending Index 3NCREIF/CREFC Debt Agg TOTAL Return . Source: Bloomberg, Principal Real Estate. Quarterly returns 1Q 2014 to 1Q 2026. No investment strategy, such as asset allocation or diversification, can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future Index returns. It is not possible to Invest directly in an Index.

For accredited investor use only within the United States.

Filmed and recorded at Studio on the Avenue/LMC Media
Mamaroneck, NY
https://lmcmedia.org/
Produced and Edited by Vekterly
https://www.vekterly.com/

Disclaimer: This podcast is for informational and educational purposes only and should not be considered as financial advice, a recommendation for any specific investment, strategy, or financial decision, or legal advice. By engaging with this material, you acknowledge and agree with its intended purpose. Any examples provided are hypothetical and for illustration purposes only. Neither Rich Leimgruber, the EnRich Your Life Podcast, nor its representatives are advising or suggesting any specific action or decision. Before making any financial, legal, or tax decisions, individuals should consult their own financial advisor, accountant, legal professional, or other qualified professional before making financial decisions. All opinions expressed are those of the host and guests and do not reflect the views of any affiliated financial institutions. The views shared may not be suitable for every individual or situation. Past performance is not indicative of future results, and all investments carry risk. Please note that any strategies discussed may not be suitable for all investors, and the appropriateness of any specific investment or strategy will depend on individual circumstances.