# Banks' “Considerable” Exposure to Private Credit | Chris Whalen on Banks’ Loans to NBFIs, Plus CRE, Gold, and Payments

Page: https://stenobird.com/podcast/monetary-matters-with-jack-farley-7021905/banks-considerable-exposure-to-private-credit-chris-whalen-on-banks-loans-to-nbfis-plus-cre-gold-and-payments
Text version: https://stenobird.com/podcast/monetary-matters-with-jack-farley-7021905/banks-considerable-exposure-to-private-credit-chris-whalen-on-banks-loans-to-nbfis-plus-cre-gold-and-payments.md
Podcast: [Monetary Matters with Jack Farley](https://stenobird.com/podcast/monetary-matters-with-jack-farley-7021905)
Published: 2026-04-18T15:32:00+00:00
Episode link: https://traffic.megaphone.fm/EWWMN9577744945.mp3
Audio file: https://traffic.megaphone.fm/EWWMN9577744945.mp3
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Duration seconds: 3211

## Resource

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode, banking specialist Chris Whalen joins Jack to unpack the hidden risks within recent bank earnings, focusing heavily on the sector's exposure to private credit and non-depository financial institutions. Chris explains how the widespread use of off-balance-sheet special purpose vehicles obscures the true level of risk, warning that regional banks could face significant pain as troubled private credit debt is forced into equity. The conversation also explores the ongoing turmoil in commercial real estate, noting that while premium properties remain insulated, older buildings and specific markets like Chicago are suffering steep valuation discounts. Shifting to asset protection, Chris details his bullish stance on precious metals, highlighting gold as a crucial global monetary trade and silver as an industrial necessity currently facing acute supply shortages. Recorded April 17, 2026. Follow Chris Whalen on X https://x.com/rcwhalen Follow Jack Farley on X https://x.com/jackfarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM. Distributed by Foreside Fund Services, LLC

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