Home Blog

Pitt Launches Free Tuition for Pennsylvania Families Earning Under $75,000


The University of Pittsburgh is rolling out a free-tuition program for in-state students whose families earn $75,000 or less, opening a new path to a four-year degree at four of its regional campuses.

Why it matters: The Pitt Regional Campus Tuition Pledge eliminates tuition charges entirely for eligible Pennsylvania residents — a meaningful expansion of access in a state where regional campus enrollment has been slipping for years and where annual tuition at Pitt’s branch campuses runs roughly $14,000 to $15,000 for in-state students.

For example, here is the current cost of attendance at PittBradford:

Pitt Bradford Tuition

The details:

  • Eligible families: Pennsylvania residents with household Adjusted Gross Income of $75,000 or less
  • Covered campuses: Pitt-Bradford, Pitt-Greensburg, Pitt-Johnstown, and the Pitt-Titusville nursing program
  • Effective term: Fall 2026
  • Applies to: New first-year students, transfer students, and currently enrolled students
  • How to qualify: File the FAFSA each year — no separate application

How the money works: The pledge is structured as a last-dollar benefit. Pell Grants, Pennsylvania State Grants administered through PHEAA, and any institutional scholarships are applied to tuition first. Pitt then covers whatever tuition balance remains, bringing the tuition line to $0 for every eligible student.

What’s not covered: The pledge applies to tuition only. Students still pay for housing, meals, textbooks, and required fees. At Pitt’s regional campuses, those non-tuition costs typically run $12,000 to $16,000 a year for students living on campus, meaning families should still expect a real out-of-pocket bill or a need to borrow.

The bigger picture: Pitt joins a growing list of public flagships using last-dollar tuition pledges to compete for in-state students. Penn State has Penn State Promise. Temple offers Temple Promise. The University of Michigan’s Go Blue Guarantee covers families up to $125,000. Free-tuition pledges have become a standard tool for boosting yield among middle-income families who don’t qualify for full Pell Grants but feel priced out of sticker-price tuition.

How this connects: Tuition-free programs only solve part of the affordability problem. The College Investor’s coverage of Pennsylvania financial aid and student loan programs has long flagged that PHEAA State Grants (which max out around $6,000 for the 2026-27 award year) combined with a maximum Pell Grant of $7,395 still leave most students short of the total cost of attendance once room and board are factored in. 

That gap is why even “tuition-free” students often end up borrowing. Pennsylvania residents pursuing this pledge should still review state-specific aid options and forgiveness programs before signing for student loans.

What to watch: Two things. First, whether Pitt expands the pledge to its main Oakland campus, where tuition is roughly double the regional rate and where the income threshold would need to climb to be meaningful. Second, whether the regional campuses see an enrollment bump for fall 2026, a key signal of whether income-based pledges actually move the needle on access at branch campuses, which have struggled with declining demand across the Northeast.

Don’t Miss These Other Stories:

@media (min-width: 300px){[data-css=”tve-u-19de45b86d9″].tcb-post-list #post-43134 [data-css=”tve-u-19de45b86df”]{background-image: url(“https://thecollegeinvestor.com/wp-content/uploads/2023/07/TheCollegeInvestor_AllSizes_Least_Expensive_Colleges_1280x720-150×150.jpg”) !important;}}

10 Least Expensive Colleges In 2026: Six Charge $0 Tuition

10 Least Expensive Colleges In 2026: Six Charge $0 Tuition
@media (min-width: 300px){[data-css=”tve-u-19de45b86d9″].tcb-post-list #post-73914 [data-css=”tve-u-19de45b86df”]{background-image: url(“https://thecollegeinvestor.com/wp-content/uploads/2026/01/Writing-A-Check-To-Pay-For-College-150×150.jpg”) !important;}}

What Families Really Pay For College Out Of Pocket

What Families Really Pay For College Out Of Pocket
@media (min-width: 300px){[data-css=”tve-u-19de45b86d9″].tcb-post-list #post-52635 [data-css=”tve-u-19de45b86df”]{background-image: url(“https://thecollegeinvestor.com/wp-content/uploads/2025/02/How_To_Get_A_Full_Ride_Scholarship_1280x720-150×150.png”) !important;}}

How to Actually Get A Full-Ride Scholarship

How to Actually Get A Full-Ride Scholarship

Editor: Colin Graves

The post Pitt Launches Free Tuition for Pennsylvania Families Earning Under $75,000 appeared first on The College Investor.

Freddie Mac Updates Guidelines On Self-Employed Business Structure Changes


Self-employed borrowers often adjust their business structure for tax planning, liability protection, or long-term growth. While these changes may make sense from a business perspective, they can create unexpected challenges during mortgage qualification, especially when trying to use one year of tax returns.

A recent update from Freddie Mac directly addresses this issue and is especially important for self-employed borrowers and their advisors to understand.

What Changed?

Effective November 8, 2024, Freddie Mac issued updated guidance clarifying how a change in a borrower’s business tax structure is treated for underwriting purposes.

Under the new guideline, when a borrower changes corporate structure, such as moving from a Schedule C sole proprietorship to an S-Corporation, the percentage of ownership must remain the same for the business to be considered the same entity. If the ownership percentage changes, Freddie Mac may view the business as new, which can trigger additional documentation requirements or disqualify the borrower from using reduced income history options.

For Self-Employed Borrowers

This update is especially relevant for borrowers seeking to qualify under Freddie Mac’s rules using one year of tax returns. Freddie Mac allows only one year of tax returns when the borrower can demonstrate at least 5 years of self-employment with the same business entity. A change in tax structure does not automatically reset the clock unless ownership remains consistent.

If ownership changes:

  • The business may no longer be considered the same entity
  • The five-year self-employment history may be interrupted
  • Two years of tax returns may be required instead of one

Common Scenario We’re Seeing

A borrower:

  • Operated as a Schedule C sole proprietor for several years
  • Converted to an S-Corporation for tax efficiency
  • Maintained the same ownership percentage

Under Freddie Mac’s updated guidance, this can still be treated as the same business, preserving eligibility for a one-year tax return qualification. However, if ownership shifts, even slightly, this benefit may be lost.

If you’re self-employed, it’s critical to understand how these changes affect mortgage qualification before you apply. Speak with MortgageDepot early so we can align your business structure with the right loan strategy.

 

Earnings call transcript: Ensign Group beats Q1 2026 EPS forecast, stock dips




Earnings call transcript: Ensign Group beats Q1 2026 EPS forecast, stock dips

Forget Big Tech: Small businesses will hire nearly 1 million grads in 2026



While fresh-faced grads are throwing their hats in the ring for a job at the world’s biggest companies, they could have a good shot at small businesses ramping up hiring. And some of the jobs that they’re recruiting the most for could stand the test of time in the AI revolution.

About 974,000 recent graduates aged 20 to 24 will be hired at small businesses (firms with one to 49 employees) during the 2026 hiring season, from April through September, according to a recent report from payroll and benefits platform Gusto. It’s a small bump from last year’s onboarding of 962,000 early-career workers, but the market has still not fully returned to the COVID years of 2020 to 2022, when employers went on a hiring blitz. Still, there’s also been improvement with net new grad job creation; it’s crept up from a low of 60,000 in 2023 to over 100,000 in 2026. 

Mom-and-pop businesses seem to be enthusiastically hiring young workers, while titans of industry pull entry-level listings from their sites. Big companies argue that AI can now do the work of junior staffers, but some smaller owners are pushing back on that notion, actively recruiting recent grads for their tech-savvy and relationship-building skills. Mark Cuban even picked up on the trend, advising fresh-faced grads to eye up small companies for opportunities.

“Large companies are playing defense. Small businesses are playing offense,” Aaron Terrazas, an economist at Gusto, tells Fortune. “When big employers pull back on entry-level hiring, small businesses see an opening…Small business owners are also taking advantage of this, being the first graduating class that grew up with AI as a native tool, not a new skill to learn, and that makes them uniquely valuable for businesses looking to modernize fast.”

While these employers are steadily pulling stronger hiring numbers, the talent they’re looking to snag has changed entirely. 

Career tracks that once guaranteed bountiful six-figure jobs post-graduation have since dried up; financial analysts, software engineers, and research associates have all suffered the biggest declines in their share of the new grad job market. Meanwhile, both AI-centric gigs and hands-on roles are juxtaposed as the strongest growing titles for budding professionals. 

Founding engineers and AI engineers both saw the strongest growth, and conversely, AI-proof roles like field managers and service technicians are right at the top with them. And it could be capturing an interesting dichotomy in Gen Z’s labor market: those leaning into tech for success, and those making their mark in the physical trades. 

The AI revolution is ramping up tech-savvy gigs—and blue-collar work

While Gen Zers leaving college are advised to embrace AI or risk being left behind in their careers, a growing number of young professionals are ditching desk jobs for the trades. And they could be tapping into a goldmine of well-paid work, from small businesses to large. 

About 78% of Americans have noticed a rising interest in trade jobs among young adults, according to a 2024 Harris Poll survey for Intuit Credit Karma. Many of these roles—from carpenters to service technicians—offer the ideal of being your own boss while paying well. 

More Gen Z talent is catching on. Enrollment in vocational-focused community colleges jumped 16% in 2024, reaching the highest level since the National Student Clearinghouse began tracking the data in 2018. And certain professions have been catching young workers’ attention: there was a 23% surge in Gen Z enrollment in construction trades from 2022 to 2023, and a 7% increase in participation in HVAC and vehicle repair programs. Despite AI threatening to upend white-collar work, there should be no shortage of opportunities for blue-collar talent; about 3.8 million new manufacturing jobs are expected to open up by 2033, according to research from Deloitte and the Manufacturing Institute.

Meanwhile, certain tech roles are also having a renaissance of their own. AI engineer is the fastest-growing job title for young workers on LinkedIn in 2026, according to the platform’s analysis from earlier this year. And between 2023 and 2025, about 75,000 of 639,000 new AI-related U.S. job postings added to the career site were AI engineer roles. Enterprise AI platform PromptQL even offered $900 hourly wages to its AI engineers building and deploying AI agents within the business. The company’s CEO said that sky-high compensation reflects their “intuition” and technical prowess in keeping up with the AI revolution.

“We’re seeing more AI Engineers and more Founding Engineers because companies have an urgent need for young people who are native to AI to innovate,” Terrazas explains. “The graduating class of 2026 is the first college cohort to complete its entire higher education in the AI era, and many small business leaders see these young people as bringing vital cutting-edge AI skills to their companies.”

Will Chase Match The Chase Sapphire Reserve 150,000 Point Bonus? (Yes, If You Applied By 4/20)


Chase used to match credit card bonuses if you had applied within 90 days of the higher bonus, that policy changed sometime in 2020. Now they generally only match Chase branded cards and not cobranded cards like United or Marriott. The match dates also seem arbitrary. Chase has just increased the sign up bonus on the Chase Sapphire Reserve card to 150,000 points. 

When asking to match customer service representatives are stating you need to have applied by 4/20 to be eligible for a match to the higher bonus. These reps aren’t always reliable, but all data points seem to back up this date:

  • Yes: 4/21, 4/20, 4/20, 4/29, 4/21, 4/22, 
  • No: 3/31, 3/30, 4/15, 30 days ago, 

Doesn’t seem to matter if you ask for the match via secured message or phone. I think it’s a shame that Chase has moved to this new system. It was nice knowing you could apply for a bonus and be eligible for a higher bonus if it increased within a reasonable timeframe. Chase has also changed the rules regarding eligibility on this card. You can read the matching rules for each card issuer here. 

‘Artists often fail when you give up too much responsibility to others.’


Trailblazers is an MBW interview series that turns the spotlight on music entrepreneurs with the potential to become the global business power players of tomorrow. This time, we meet Alternate Side Management founders Evange Livanos and Zack Zarrillo. Trailblazers is supported by TuneCore.


Alternate Side Management, which represents a string of acts in the alternative/rock space, is enjoying a purple patch as it closes in on a decade in business.

Michigan emo band Hot Mulligan have a busy summer playing many of this year’s major festivals, including Coachella, Governors Ball, and Bonnaroo; rock act Citizen are about to announce their biggest capacity show yet; and Cavetown recently co-headlined the 9,500-plus-capacity Red Rocks venue in Colorado.

The company has spent the last seven years carefully building out its clients’ careers by putting the grueling groundwork into touring, encouraging catalog ownership, and empowering acts to be the CEO of their businesses, according to founders Evange Livanos and Zack Zarrillo.

During that time, the Alternate Side team has grown to 12 team members in New York and Los Angeles (and in-between), who preside over in-house distribution, publishing, touring, marketing and vinyl production. Today, there are more than 30 clients on the roster, who have multiple platinum and gold singles between them.

The inspiration for Alternate Side originally came from Livanos, who left a job at a bigger management company to have more autonomy over the acts she worked with. “I wanted to represent artists that I believed in and loved, versus stuff that I was just handed,” she says. “This is a stressful job, so if I’m going to be stressed about it, I’d like it to be for stuff that gets me out of bed in the morning.”

After working for a few bands in the metal world at a time when post-hardcore was making a comeback, Livanos met Zarrillo, and the two started a working relationship that eventually led to launching the business.

Zarrillo, who says he never wanted to be a manager, fell into the music business via Chicago rock act Knuckle Puck. The band needed guidance, so a then 20-year-old Zarrillo, who had been running a punk blog and was looking for something to distract him from college, took on the task.



He remembers: “I had no idea what I was doing, but I did know Evange and she needed some help. I needed my band not to be poached from me, especially because they started doing well right away, and it seemed like a good opportunity to learn.”

Other highlights coming up this year and beyond for the Alternate Side roster include the continued development of Californian post-hardcore band Dayseeker; the sixth LP from Citizen; up-and-coming alt-pop duo Daisy Grenade; and the growth of British singer and songwriter Cavetown.

Here, we chat to Livanos and Zarrillo about dos and don’ts of artist management, the evolution of streaming, label deals in 2026, lessons learned across their careers, and much more besides.


WHAT’S YOUR APPROACH TO MANAGEMENT, AND HOW HAS THAT BEEN SHAPED?

Evange Livanos: What makes a good manager is your ability to be flexible, nimble, and bend to what each artist needs, because every artist is completely different. Some want to be signed, some don’t want to be signed. You have to know how to navigate the business.

Also, allowing an artist to be an artist, standing in front of them and taking the shots so they can go be creative and don’t have to know all of the ugly stuff around it. At the same time, we have the mantra of artists being business owners, understanding their business, and educating them.

We don’t believe in the dumb artist vibe where the manager just tells them what to do. We want to educate them to understand that owning their catalog and being a self-sufficient business is the most important thing. Being cheap on the road until you don’t need to be is very important, and we’ve made an entire company and living off of being scrappy from touring, to the point now where our bands are touring in buses, but they’re still very frugal and careful because we instill that in them very early on in their careers.

“We don’t believe in the dumb artist vibe where the manager just tells them what to do. We want to educate them to understand that owning their catalog and being a self-sufficient business is the most important thing.”

Evange Livanos

Zack Zarrillo: We’re a fiercely independent company. When Evange and I started doing this, the type of artists we were managing were never going to be on a major label. So we had to build up our core competencies as managers and as a company.

Our artists at the time could only make money if they were touring. Knuckle Puck, the first band I truly managed, got paid $150 a night for their first 30-day tour. They slept on floors, in Walmart parking lots, and made a ton of money. So I actually made money for the first-ever tour a client did, which is unheard of, because we were very resourceful and our clients are very resourceful.

We tend to struggle when we start managing an artist who is not willing to also roll up their sleeves to do the work. We want to find artists who want managers not to just make their life easier, which is partially what we should be doing, but who want to go that much further. That’s how we find success. We always tell artists that, at the end of the day, no one can care more than you. We also have to bring that same mentality to the job we do every day.


ACROSS THE EVOLUTION OF YOUR COMPANY, STREAMING HAS HUGELY INCREASED IN IMPORTANCE. IS THAT A BLESSING OR A CURSE FOR YOUR ROSTER, THE MAJORITY OF WHICH EXISTS IN THE ALTERNATIVE ROCK SPACE?

ZZ: It has completely reshaped our company, and we’re really proud of it. Our artists combined make seven figures a year from owning their own catalog or from owning chunks of their own catalog. We really believe that artists should own as much of their catalog as possible, but that’s not where the job ends; that’s where the job starts. We have to then make sure we are working for that catalog to be valuable for them, too.

I have a separate company called Many Hats that started to make sure we were getting the best distribution rates for our artists possible, so we could make vinyl for them and put it into retail stores, doing the bare minimum a label could do.

There were times when we had artists signed to a 50:50 deal with a label that spent $10,000 one time and then made 50% of the profit forever, which is egregious. We have bands like Hot Mulligan, who got their catalog back from a label that was delinquent in paying royalties.

The catalog for that band had been severely under-managed at retail in terms of vinyl, and now, the band’s catalog has sold nearly 100,000 pieces of vinyl.


THE OLD IDEA WAS THAT YOU WOULD SIGN AWAY YOUR CATALOG IN EXCHANGE FOR A MAJOR LABEL DEAL AND ALL THE BELLS AND WHISTLES THAT MIGHT COME AS PART OF THAT. WHAT IS THE ROLE OF A LABEL IN 2026? WHERE’S THE VALUE THERE?

EL: Financially, first and foremost. If you’re a developing act that doesn’t have the money to make the record they want to make, the label is going to be helpful with that. We’re pro-independent and pro-label, depending on the label’s effectiveness.

They can be a really useful partner and provide extra brains and ideas in the room when needed, but we don’t put all our weight on the label. We almost pretend that they don’t exist at certain times, go to them with our ideas, and do it collaboratively. The label could be helpful if you want to go to the radio and take those bigger swings, but you have to be at a certain level to do that. I don’t think a label is extremely necessary for certain developing acts at this time, when it’s really just based on touring.


WHAT DOES A FAIR LABEL DEAL LOOK LIKE TO YOU?

EL: You get your masters back like a licensing deal, a decent amount up-front to make the record that you want, some marketing budget to do all the things you need to do to market that album. No 360 and allow the artist to be creative. We will refuse to do deals if we have to do the catalog, and we’ve actually just done that with an artist. We will never do master ownership deals ever again.


HOW OPEN ARE LABELS TO DOING DEALS LIKE THAT THESE DAYS?

ZZ: The funny thing is, the major labels are much more open to it than indie labels. Obviously, the major labels are never going to give up their Bruce Springsteen or Bob Dylan catalogs, so they always have money to hit. As someone who owns a label, I’m quite sympathetic to the desire to own masters, but I believe that it’s just not in the service of a good partnership.

We very much push for [licensing deals], but sometimes we have to recognize that we have to meet artists where they are and what’s important to them. If it is the most critical thing in the world for them to sign to indie label X and the deal is worse than major label Y or indie label Z, that’s okay. We don’t get to make every decision. But like Evange said, once we sign to a label, my desire is that our team works harder.

It isn’t that we let the label do everything. Artists often fail when you give up too much responsibility to others. We have to ultimately own every decision that gets made. Even if someone else messed up, we’re still managing the ship.


CAN YOU recall A FAILURE OR A SETBACK THAT BECAME A TURNING POINT IN HOW YOU OPERATE TODAY?

ZZ: We’ve had a lot of artists who have suffered from really hard mental health problems. There is nothing that will humble you quicker than some of those problems. The bullshit of the job often just stops mattering at that moment.

But it’s always the hardest, to me anyway, when an artist is doing really well, and something pops up that is not their fault, and it derails things. It’s tough because you don’t know when the train is going to get back on the tracks and you have tours, timelines, labels and investments.


HOW DO YOU NAVIGATE THAT AS A MANAGER? HOW DO YOU BEST SUPPORT YOUR ARTISTS THROUGH THAT WHILE KEEPING AN EYE ON THE BUSINESS?

ZZ: You have to stand in front of them in those moments. If there’s pressure from labels, booking agents, publishers, they never know about it. You take the shots, you deal with it, you help. Many artists find therapists, counseling, support, and rehab.

“HOPEFULLY, ALL MANAGERS REALLY CARE ABOUT THE PEOPLE, NOT JUST THE ARTIST AND THE BUSINESS.”

Hopefully, all managers really care about the people, not just the artist and the business. Our job does start and stop somewhere but, for better and maybe sometimes for worse, we are very invested in the people behind these bands and careers as well and are doing whatever we can to help get them right.


THERE ARE A LOT OF STRUCTURAL CHANGES HAPPENING ACROSS THE MUSIC BUSINESS AT THE MOMENT. WHAT IMPACT DO YOU SEE THAT HAVING, IF ANY, ON THE WIDER BUSINESS?

ZZ: There’s a lot of consolidation right now. If BMG does buy Concord [BMG and Concord have since confirmed their merger on April 28, 2026], they would essentially be a fourth major label, and I would like that. I would like there to be more competition against Warner, Sony, and Universal. To me, that’s exciting. It’s an interesting time right now. I’m not that pessimistic about it. There are a lot of smaller distributors that are offering really great deals for artists. Depending on the type of artist you are, there are more options than you’ve ever had before. I also think deals for majors have never been better.


HOW DO YOU SEE THE ROLE OF A MANAGER CONTINUING TO CHANGE OVER THE NEXT FIVE TO 10 YEARS?

EL: We’re going to become more and more needed. We do the job of a lot of facets of the business. We have to think like a label, a publisher, a booking agent, and we have to make sure all of those people are doing what they need to be doing. That’s just going to continue, especially if labels are consolidating and there’s no more street team or touring department, and you have to outsource everything. We have databases of videographers, photographers, and crew; we no longer rely on anyone for anything. More of the infrastructure is going to be reliant on the manager and a management company than the labels, as things start to change around.


EVANGE, YOU’VE SPOKEN BEFORE ABOUT THE IMPORTANCE OF TELLING ARTISTS NO. HOW DO YOU BALANCE THAT WITH RESPECTING THEIR AUTONOMY AND CREATIVE VISION?

EL: You have to explain the reasons why something is a no. It’s never, ‘You can’t do this’, it’s, ‘I don’t think this is a good move, and this is why, this is what can happen, let’s try something else instead’. When I was younger, I never went against what the artist wanted to do; the artist knew best because I was terrified of getting fired. But I’ve been fired plenty of times so I’m now at the point where I’m going to tell an artist exactly what they should and shouldn’t be doing for their business. It’s up to them if they want to listen.


WHAT ARE THE MOST COMMON MISTAKES THAT YOU SEE YOUNG MANAGERS MAKING?

ZZ: Good managers do research, try to solve a problem, and if they get stuck or want advice, they ask for help. Bad managers are arrogant, they don’t ask for help, and they can burn a lot of bridges quickly. It’s tough to have bad relationships in this business because people tend to stick around for a long time. It is shocking sometimes how someone will come back around that you haven’t spoken to for seven years and is now doing really well. Keeping good relationships is critical because having bad relationships affects your artists. If you’re compromised as a manager, they’re compromised as an artist.


WHAT ARE THE MOST IMPORTANT ELEMENTS OF SUCCESSFUL ARTIST DEVELOPMENT IN 2026?

EL: An artist really needs to know their identity, audience, and brand. They have to know how to speak to their fans. Part of artist development is knowing how to work social media to their advantage, to show off their songs, their personalities, and they have to be willing to grind, which didn’t change. You still have to get in the van, play the shows for low guarantees and not necessarily make a profit. It’s also important for artists to be determined, be smart about their business, and educate themselves about the industry.


YOU’VE SPOKEN A LOT ABOUT THE IMPORTANCE OF TOURING. IS THAT HOW YOU’RE SEEING YOUR NEW ARTISTS CONNECT WITH AUDIENCES IN A CROWDED MARKET?

ZZ: Touring becomes sustainable when artists can forge a direct connection with their audience. We’ve worked with artists who have had bright streaming/viral moments, but ultimately aren’t able to connect to an audience. If that can’t happen, you lose momentum.

We did quite well coming out of Covid because we were saying, ‘We’re only going to manage you if you’re going to go on the road and put the work in there. If you aren’t, we’re probably not the right person for you’.

A lot of younger managers who are new at this and working with someone whose song is going viral on TikTok often don’t know how to, or don’t want to, push their artists to get on the road. It almost always falls apart because there isn’t an actual connection. Fans are not wearing your merch; they’re not seeing other people feel and go through the same experience as them in a live environment. Touring is where our foundation lies, and that’s where the magic happens.


HAVING BUILT THAT INITIAL FOUNDATION, WHAT ARE THE FACTORS THAT THEN GO INTO BUILDING A SUSTAINABLE, LONG-TERM CAREER FOR AN ARTIST TODAY?

Evange: It starts and ends with the music, first and foremost. Touring and connecting with the fans, not just playing the show and leaving. When an artist is small, when they stay behind and meet every single fan that comes to a show, like in a 250 capacity room, those kids remember, and they come back.

I have an artist who has such a rabid fan base. It’s not large but he makes a great living because when he was starting out, he would meet every single fan at the end of the night. The venues hated us because we would constantly hit the curfew. Because of that, they stuck with him through all the different types of genre changes.

At the end of the day, how many one-hit wonders or fluffy songs do you hear? When I go to the gym, I’ll hear a song that’s super catchy, but who is this person, and who are they in five years? An important question we tend to ask ourselves is, ‘Does this artist we’re talking to or interested in have a future? Does it have staying power? Are we chasing it because everybody else is and it’s viral or does it really have stickiness?’ Songs that have meaning, that express anguish or a situation they’ve gone through, connect to an audience a lot more than a fluffy, fun dancing song, and are going to keep kids sticking around. It’s really important for artists to have substance to [their work].

“It starts and ends with the music.”

Evange Livanos

ZZ: A very boring answer on the other side is that we put a lot of work into making sure our artists, when possible, are in a good financial place. We have worked with artists who have done big deals and, unfortunately, have been irresponsible with their money. That makes it hard when times are maybe less good to get through to the other side. There are cycles in music. There’s a band in our world called Pierce The Veil that has been around for 20 years.

They got popular, the genre they are in got less popular, and they were in a lower place in their career for years. Now they’re playing arenas. Especially in our world, there’s a lot of ups and downs.

Can you ride it out for the up again? I’ve worked with artists since they were 15 or 16, and you’re kind of asking them to live in some version of arrested development forever. So it’s important that you’re educating and have good business managers or financial people around these artists who can help make them stable at home. That all affects the mental health aspect of this too.


HOW DO YOU FEEL ABOUT THE IMPACT OF AI ON THE MUSIC BUSINESS?

ZZ: I don’t have a lot of concern. There are aspects of AI that can help make our tasks better, and there’s definitely going to be bullshit that we have to deal with because of scams of our artists. I’m sure in the next year or two, there will be some very popular viral song that is totally made with AI. But I don’t think that’s ultimately going to take away the connection that a Cavetown, a Hot Mulligan, or a Citizen has to the thousands of people whose lives they’ve affected.



EL: I’m really against AI music taking up any playlisting spaces from a real, live, bleeding heart, creative individual, who is writing in their room at night. You’ve got these AI bots that are creating songs, putting them up online, and they get streams and make money. I hate that, it really makes me angry because it’s a scam. I love AI tools to help simplify our jobs. If an artist can get help with creating through AI, cool, but I’m so anti the AI-formed music that gets released.


IF YOU COULD CHANGE ONE THING ABOUT THE MUSIC INDUSTRY TODAY, WHAT WOULD IT BE AND WHY?

EL: I would have more women presidents running the industry. It’s still, like it or not, very male-dominated. That is just the way this business was built. It’s gotten a lot better, but I would like to see more women in power to change up the regime. We already know what it feels like and acts like when men are in charge. I’m not anti-man; my business partner is a guy, but I do think women see things differently, and the business could be softer.

“A lot of our artists would struggle less and be able to make better art and have a better life if, here in America, they had better support, healthcare, and systems.”

Zack Zarrillo

ZZ: I wish there were some better structure around the music industry, like there is in Hollywood, for example. The great thing about this industry is that you can start as an artist in your bedroom and have an amazing career, but the tough side is there are so many people, and we know many of them and have worked with many of them, who sleep on floors, cross the country or the world to get paid $200 to $400 a night with two to five people in the van or more. It’s quite grueling, and there’s no backstop.

A lot of our artists would struggle less and be able to make better art and have a better life if, here in America, they had better support, healthcare, and systems. It’s always funny to me when the Hollywood strikes are happening, which happen for good reasons that I’m totally sympathetic to, but at the same time, man, anything is better than what’s happening here, where there’s nothing.


Trailblazers is supported by TuneCore. TuneCore provides self-releasing artists with technology and services across distribution, publishing administration, and a range of promotional services. TuneCore is part of Believe.Music Business Worldwide

Attention Bias in AI-Driven Investing


Other recent work documents systematic biases in LLM-based financial analysis, including foreign bias in cross-border predictions (Cao, Wang, and Xiang, 2025) and sector and size biases in investment recommendations (Choi, Lopez-Lira, and Lee, 2025). Building on this emerging literature, four potential channels are especially relevant for investment practitioners:

1. Size bias: Large firms receive more analyst coverage and media attention, therefore LLMs have more textual information about them, which can translate into more confident and often more optimistic forecasts. Smaller firms, by contrast, may be treated conservatively simply because less information exists in the training data.

2. Sector bias: Technology and financial stocks dominate business news and online discussions. If AI models internalize this optimism, they may systematically assign higher expected returns or more favorable recommendations to these sectors, regardless of valuation or cycle risk.

3. Volume bias: Highly liquid stocks generate more trading commentary, news flow, and price discussion. AI models may implicitly prefer these names because they appear more frequently in training data.

4. Attention bias: Stocks with strong social media presence or high search activity tend to attract disproportionate investor attention. AI models trained on internet content may inherit this hype effect, reinforcing popularity rather than fundamentals.

These biases matter because they can distort both idea generation and risk allocation. If AI tools overweight familiar names, investors may unknowingly reduce diversification and overlook under-researched opportunities.

How these top producers crushed it in a tough market


Maintaining a back-to-basics philosophy in turbulent times is what helped set these leading mortgage originators ahead of the crowd during 2025.

Processing Content

The No. 1 producer, Shant Banosian, added to his responsibilities in 2025, becoming the president of Rate.

Still, he stuck to the basics, working with his Realtor referral partners, helping them navigate what proved to be a challenging market, with inventory remaining low and mortgage rates staying elevated.

THE FULL LIST OF TOP PRODUCERS OF 2026

Banosian’s office is located in the Boston suburb of Waltham, Massachusetts.

“In a low inventory market, it’s extremely difficult to get your offer accepted,” Banosian said. “We helped our agent partners and our clients figure out ways for their offer to stand out [while] offering certainty and speed.”

He and his team also spent time coaching clients to help them understand their best financing solutions to get the most out of their budgets.

Being prepared for the opportunities

But this is not the end of it. The fourth quarter last year provided a brief refinance window. “Whenever rates do come down, it’s really, really important that you stay in communication with your database and show them what the opportunities in the market,” Banosian said.

Being both president of a large originator like Rate as well as maintaining his own production required him to stay disciplined and committed to both and understanding where his highest and best use was.

He noted his “world-class team” which has contributed to his success as an originator over the years, and Banosian relied on them more than ever. On the corporate side, he used the term “world-class” again for the people and technology he works with.

“Being able to teach, coach and mentor the loan officers here in terms of what I built, and work alongside them to help them came naturally, because I was speaking from something that I lived and breathed for the last 15 years,” Banosian said.

Sticking with the tried and true

Mark Cohen, CEO and founder at Cohen Financial of Beverly Hills, California, second on this year’s listing, noted his longevity in the business and sticking with the tried and true.

“Just the consistency, following through, knowledge, being available, being straightforward, and delivering the best execution and products for my clients,” Cohen said.

It’s been a turbulent economy, but the market has heavy demand for housing, and many of those borrowers are in the non-qualified mortgage part of the business. Those loans have well received by Wall Street, and as a result, rates have come down, Cohen noted. His primary market is Southern California, which has some of the highest home prices in the nation.

“The market is very attractive, and there’s lots of opportunities out there,” Cohen said. To take advantage, he has become more aggressive in his business development efforts.

Also adopting the back to basics philosophy is Amanda Sessa, vice president and senior loan officer in the Boulder, Colorado office of SWBC Mortgage.

“That’s what a lot of us old school lenders, loan officers, are having to do, is in the last few years, is really go back to reforming relationships,” Sessa said. For example, she has done continuing education courses or mortgage updates.

Those efforts have been well received and helped brand her as an expert in the field, said Sessa, whose husband John is the branch manager and senior loan officer in the office.

The competition level is also rising, Sessa noted. “There’s a lot of loan officers that have picked up their game that have had us stay on our toes too,” she said, contending for real estate agent business.

“That was a little bit of a wake-up call to me,” she said. “I was like, we’ve got to keep marketing our current Realtors and keep in touch and taking care of them, and not fall asleep at the wheel.”

Sessa did $70.7 million last year in dollar volume, with 112 units.

Marketing plans for 2026

For 2026 the Sessas will continue to market themselves as consultants to their consumers, much in the same way as a certified public accountant or financial planner. “We’re there to help with the market changes,” she said.

All producers need to deal with the unexpected, but the key to success is how originators handle those events.

“You’re going to have your forecasts every single year, and the forecasts are always almost going to be wrong every single time,” Banosian said. “I don’t know that we’ve ever gone into a year and all the predictions and forecasts have come true.”

Right now, it is the middle of the spring home purchase season, and he pointed out mortgage rates are much better today than they were at this time in 2025.

Rates are going to rise and fall. Those remain out of originators’ control.

“What we can control is the strategy that we’re going to implement, the basic fundamentals, the actions, the activities that we do every single day to help us take advantage of whatever the market presents us and do it better for our clients and partners than anybody else is doing it,” Banosian said.

In fact, given where rates are today, even though they are higher versus late February, it is creating a refinance opportunity in the market. His job as president of Rate is to make sure the loan officers are able to capitalize on current market conditions.

“The cool part is, there’s never been a better time to be a loan officer ever in the history of the mortgage business,” Banosian said. “We’ve got more tools and technology at our disposal than ever, we can do things faster and communicate faster and we’ve got less competition” as the number of mortgage loan officers is dropping. This opportunity to build market share is one of the things that keeps him excited for the business.

Finding a niche to focus on

Find a market niche and focus on it, Cohen said. For him this is offering the various non-qualified mortgage products, including debt service coverage ratio loans.

Originators “have to adapt to the market, and be able to do everything effectively,” he said.

Sessa has been very good with keeping up with her database, and doing things like client appreciation parties. It’s not forgetting about the group of people who already believe in you.

“That’s our raving fans, and that’s grown to be a quite sizable and pretty amazing group,” she said. “One of the goals I have for 26 is really to up my game on that and keep in front of them, whether it’s through a BombBomb (a video engagement platform) or a note, or some sort of anniversary reach out, or another client appreciation extravaganza.”

Sessa said she does not need to be everything to everybody, but looks to be the one who borrowers think of in the Boulder marketplace.



Here’s How Much Exposure JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup Have to Private Credit


Private credit has certainly been a buzzword this year, as the multitrillion-dollar industry has shown cracks in credit quality, and investors fret that problems in the sector could lead to broader market risks.

One area that has come under some scrutiny is the traditional banking system. The industry has ceded market share to private credit due to burdensome regulations stemming from the Great Recession, yet it still lends to various players in private credit. Investors wonder what will happen if private credit lenders encounter problems. Will that spill over into the banking sector?

After first-quarter earnings, the largest banks in the country provided some disclosures about private credit. Here’s how much exposure JPMorgan Chase (JPM +1.29%), Bank of America (BAC +1.23%), Wells Fargo (WFC +0.88%), and Citigroup (C +0.29%) have.

Image source: JPMorgan Chase.

Understanding what private credit is and where the problems are

Private credit is a broad term, but at its core, it’s non-bank lending from a variety of players, including asset managers, insurers, private equity firms, and business development corporations (BDCs).

It’s grown popular as banks have slowed lending to a wide array of businesses since the Great Recession and as these lenders have offered more customized products. The returns private credit has generated have also been very attractive to investors.

But the key here is to understand that the term private credit is incredibly broad. For instance, there’s warehouse lending, in which a company loans capital to another company that is originating various types of consumer loans, such as mortgages, student loans, and auto loans.

Consumer loans are pooled and typically serve as collateral for a warehouse loan. Other forms of private credit include financial companies borrowing from one another and private equity firms borrowing short term while waiting for funding from their limited partners.

But the area of private credit that is under the most scrutiny right now is direct lending. This is where an asset manager, private equity firm, or BDC makes a direct loan to a company. Many, although certainly not all, of these loans will have a senior position in the capital structure and floating interest rates. Banks may provide a warehouse credit line to firms making these direct loans, known as corporate debt financing or private credit warehouse financing.

Private credit has come under scrutiny because it operates outside the banking system, making it difficult for regulators to get a complete picture of what is happening. Private credit has faced even more intense scrutiny this year because many of these direct loans were made to software companies.

Software stocks have been crushed during the past year amid concerns about artificial intelligence. This has investors worried that these loans will go bad, potentially damaging private credit and, in theory, anyone else lending to or investing in private credit firms. That’s why many private credit funds have received high redemption requests from investors.

Exposure at the big banks

Given all the focus on private credit, the large banks each provided some insight into their exposure to private credit, including overall exposure to non-bank financial loans (NBFI), lending in the corporate debt financing (CDF) sector, and some disclosure on loans to BDCs, which are under heightened scrutiny right now.

JPMorgan Chase Stock Quote

Today’s Change

(1.29%) $3.98

Current Price

$313.23

According to a JPMorgan Chase research note from February, a fifth of BDC portfolios are exposed to software, which is more exposure than in the syndicated loan and junk bond markets.

Here’s a breakdown of where each bank stands on the metrics listed above (numbers are in millions):

Bank NBFI Loans NBFI % Total Loans CDF Loans CDF % Total Loans BDC Loans BDC % Total Loans
JPMorgan Chase 160,000 10.6% 50,000 3.3% ? ?
Bank of America 180,000 14.9% 55,000 4.6% <2,000 0.2%
Wells Fargo 193,000 19% 36,200 3.6% 8,326 0.8%
Citigroup 118,000 16.8% 22,000 3.1% <1,180 0.2%

Source: Bank earnings reports, earnings presentations, and earnings transcripts.

As you can see from the data above, although banks have meaningful lending exposure to non-banks that extend credit, their exposure to corporate private credit extending direct loans to private companies is less 5% across all banks. The amount to BDCs is less than 1%. Although JPMorgan didn’t disclose exact BDC exposure, it’s hard to imagine it being significantly higher than peers’, based on its other disclosures.

Most bank management teams expressed confidence in their underwriting. As I mentioned above, many direct private credit loans hold a senior position in the company’s capital stack. That’s why some investors have previously described private credit as having equity-like returns with bond-like protection.

The loans are high-yielding, often more than 10%, while their senior position means lenders are higher in line to be repaid if a company defaults on its debt. Banks making loans in this niche are also likely to have their own protections in place, adding another layer of safety.

Bank of America Stock Quote

Today’s Change

(1.23%) $0.65

Current Price

$53.53

“Bank of America’s exposure has structural insulation from those first loss positions,” the bank’s chief financial officer, Alastair Borthwick, said on the company’s first-quarter earnings call, when discussing private credit. “For losses to reach us, we believe operating company equity and a substantial portion of fund investor capital would need to be impaired before we would experience losses.”

Private credit concerns are real, but likely not systemic

Banks do have some exposure to the sector, and therefore could face issues down the line. Earlier this year, JPMorgan Chase reportedly marked down some of its private credit loans. Of its $36 billion corporate debt portfolio, Wells Fargo disclosed that 17% of its collateral has software exposure.

However, the large banks seem more conservative, lending to higher-quality investment-grade entities. Citigroup said its $22 billion in corporate private credit loans have incurred no losses over the life of the portfolio. Wells Fargo also said its NBFI portfolio has had virtually no losses for a long time.

Private credit has already seen some cracks, and conditions could continue to deteriorate. But even if they do, as JPMorgan Chase Chief Executive Officer Jamie Dimon said in his letter to shareholders earlier this year, “private credit probably does not present a systemic risk.”

Ultimately, I do think investors should keep their guard up when it comes to private credit. But they don’t need to have flashbacks to the financial crisis. Furthermore, the large banks appear to have prudently underwritten their exposure and should be able to deal with any problems that arise.