Podcast

February 9^th, 2026

State of Distressed: Andrew Milgram on Middle-Market Opportunity

Marblegate Managing Partner and CIO Andrew Milgram joined Noel Hebert and Philip J. Brendel on Bloomberg Intelligence’s FICC Focus State of Distressed Debt podcast for a conversation that explored how Marblegate’s operationally focused approach to working with portfolio companies provides differentiated outcomes in private credit investments.

Andrew provides an in‑depth look at how Marblegate identifies and executes on opportunities amid broad credit deterioration and increasingly complex company problems. In the interview, Andrew asserts that “a financial reorganization is most often a symptom of an operational problem. And so you can’t really fix one without fixing the other… A lot of what we have to do when we go into a company is to help the management team and the enterprise broadly rethink how it makes decisions.”

A great listen about the art of distressed investing, and the current state of the market, noting that record levels of corporate bankruptcies—driven by excessive leverage and deteriorating cash flow performance—are likely to sustain opportunities for turnaround-oriented investors like Marblegate for years to come. Read more

Video

December 18^th, 2025

HSBC Local Insights: is a Commercial Credit Cycle Coming?

Managing Partner and CIO Andrew Milgram joins HSBC’s Saul Martinez to examine mounting signs of stress and distress in corporate credit. The discussion covers rising bankruptcies, the growing use of PIK interest in private credit, and other signals of impending defaults, with recent failures such as First Brands and Tricolor highlighting systemic weaknesses in underwriting standards. The conversation also explores how these trends may reshape the opportunity set for lenders to middle market companies, particularly as smaller, under-resourced borrowers fall further behind larger peers benefitting from the AI-driven boom.

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Video

August 8^th, 2025

Invest Like the Best | Full-Contact Capitalism with Andrew Milgram

Andrew Milgram, founder of Marblegate, reveals shocking data about America’s “K-shaped economy”. The conversation covers his unique roll-up-the-sleeves approach to distressed investing, why he predicts continued business bankruptcies, and how tariff uncertainty could devastate middle-market companies while potentially benefiting large public corporations.

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