The Evolution of Private Credit: From Direct Lending to Real Estate Debt – Alternatives by Franklin Templeton – 9.25.25

Summary:

Private credit represents a diverse set of opportunities from direct lending to asset-based finance to real estate debt. Each has their own unique risk, return, and correlation profile. In this webinar, we will examine the merits of direct lending and real estate debt. We will discuss the relative attractiveness of each in today’s market environment and explore how they can be used to achieve client goals.

Accepted for 1 CFP / IWI / CFA CE Credit

Speakers:

Anant Kumar is a managing director and head of research with Benefit Street Partners, based in the West Palm Beach office. Prior to joining BSP in 2015, Mr. Kumar worked in the capital markets advisory group at Lazard Frères and the leveraged finance group at Deutsche Bank. Mr. Kumar received a Master of Business Administration from the University of Chicago, a Master of Science from Stanford University, and a Bachelor of Engineering from Visvesvaraya Technological University in India.

Michael Comparato serves as President of FBRT and the head of commercial real estate. He is a managing director with Benefit Street Partners, based in the New York Office. Prior to joining BSP in 2015, Mr. Comparato was head of U.S. Equity Investments at Ladder Capital, where he led Ladder’s largest team that actively originated CMBS loans, structured/balance sheet loans, mezzanine loans and acquired strategic assets for the firm. Prior to joining Ladder, Mr. Comparato was president of BankAtlantic Commercial Mortgage Capital (BACMC), the CMBS affiliate of BankAtlantic, where he was responsible for managing all day-to-day operations. Mr. Comparato also previously ran Compson Holding Corporation, which made various equity investments in multiple different commercial real estate assets and publicly traded REITs. Mr. Comparato received a Bachelor of Science, Summa Cum Laude, from Babson College.

Tony Davidow is responsible for developing and delivering the Franklin Templeton Institute’s insights on the role and use of alternative investments through independent research, participating in industry conferences, webinars and engaging directly with key partners and clients. He also serves as the host of the Alternative Allocations podcast series. The Franklin Templeton Institute harnesses the depth and breadth of the firm’s global investment expertise and extensive in-house research capabilities to deliver unique investment insights to clients.

Prior to his current role, Davidow was retained by Franklin Templeton to develop a comprehensive Alternative Investment educational program for financial advisors. He previously held senior leadership roles with Morgan Stanley, Guggenheim and Schwab among other firms. Davidow began his career working for a New York-based family office and has worked directly with many institutions and ultra-high-net-worth families over the years. He is a frequent writer and speaker with deep expertise in the use of alternative investments, asset allocation and portfolio construction, as well as goals-based investing.

Davidow received the prestigious Investments & Wealth Institute Wealth Management Impact Award in 2020 for his contributions to the wealth management industry; and was awarded the Stephen L. Kessler writing award in 2017, and honorable distinction in 2015. He is the author of “Goals-Based Investing: A Visionary Framework for Wealth Management” (McGraw-Hill 2020), and “Private Markets: Building Better Portfolios with Private Equity, Private Credit, and Private Real Estate” (Wiley 2025). In 2024, Franklin Templeton’s Alternative Investment education program was recognized by WealthManagement.com with a “Wealthie” award for its contribution to financial advisor success.

Davidow holds a B.B.A. degree in Finance and Investments from Bernard M. Baruch College and has earned the Certified Investment Management Analyst (CIMA^®) designation from the Investments & Wealth Institute and the Wharton School of the University of Pennsylvania. Davidow formerly served on the Board of Directors of the Investments & Wealth Institute, and served as the Chair, Investment & Wealth Monitor, Editorial Advisory Board.