Commentary
Notes on private credit, written from our data and research.
Longer pieces on what the filings, fundraising numbers and bank balance sheets show. Posts carry charts with source and vintage and are tagged by theme. Older posts (2021–2024, banking and monetary policy) are shown under Archive.
14 Mar 2026
The Wrong Diagnosis: What the Private Credit Stress of March 2026 Actually Tells Us
The private credit headlines of March 2026 are striking — redemption gates, JPMorgan markdowns, warnings of rising defaults. But the dominant framing misidentifies what is actually breaking. A specific product design...
Private creditFinancial stability
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