This updated episode of Private Credit Under Stress revisits the $2 trillion private credit market piece we did on March 20th with an update at a moment when the risks identified earlier in the year are no longer theoretical. Defaults and watch lists are rising, payment-in-kind financing is being used more aggressively to delay cash stress, retail investors are pushing harder against redemption gates, and questions around fund liquidity and private-asset valuations are becoming increasingly difficult to ignore. At the same time, traditional banks are regaining business from private lenders while large institutional investors are shifting toward asset-backed finance and other areas of private markets. The story has changed: what began as a warning about opacity, leverage, and liquidity mismatch has evolved into a real-time stress  ...