Most people believe the private-credit mess has gone away – because that’s what you’re led to believe. It has been roughly a year since Tricolor and First Brands became the warning signs—the first cockroaches suggesting something much larger might be hiding inside the walls of private lending. And because there hasn’t been a dramatic collapse since then, the assumption is that the industry absorbed the losses, restricted a few withdrawals, and moved on.
But the truth is almost the exact opposite.
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