Published on 04/30/2026

The Shadow Default: How Private Credit Is Hiding Bad Loans in Plain Sight - Part 2

Roughly 10% of BDC interest income now arrives as more debt, not cash. Inside the rise of PIK loans and what they signal in private credit.

Published on 04/29/2026

The Shadow Default: How Private Credit Is Hiding Bad Loans in Plain Sight - Part 1