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So, Fitch just reported a record high for private credit defaults. That would seem to validate what most people think, that the credit downturn is contained inside just private credit.
That is understandable. The most visible warnings have come from there: the record defaults, rising non-accruals, restricted withdrawals, weaker fundraising, and falling business-development-company stocks.
But the word “private” is becoming dangerously misleading.
Eurodollar University's Money & Macro Analysis
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If you want to see The Four Economic Regimes, and How to Position Your Portfolio for Each One, sign up here
https://eurodollar-university.com/home-page
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https://www.fitchratings.com/research/corporate-finance/us-private-credit-default-rate-reaches-new-high-in-2q26-30-07-2026
https://www.fsb.org/uploads/P060526.pdf
https://www.bloomberg.com/news/articles/2026-07-29/ares-29-billion-private-credit-fund-sees-uptick-in-non-accruals
https://www.bloomberg.com/news/articles/2026-07-30/blue-owl-reports-fund-raising-slow-down-amid-credit-pullback
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
I’ll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place.
You can find me here: https://bravais.social/profile/edu
So, Fitch just reported a record high for private credit defaults. That would seem to validate what most people think, that the credit downturn is contained inside just private credit.
That is understandable. The most visible warnings have come from there: the record defaults, rising non-accruals, restricted withdrawals, weaker fundraising, and falling business-development-company stocks.
But the word “private” is becoming dangerously misleading.
Eurodollar University's Money & Macro Analysis
----------------------------------------------------------------------------------
If you want to see The Four Economic Regimes, and How to Position Your Portfolio for Each One, sign up here
https://eurodollar-university.com/home-page
----------------------------------------------------------------------------------
https://www.fitchratings.com/research/corporate-finance/us-private-credit-default-rate-reaches-new-high-in-2q26-30-07-2026
https://www.fsb.org/uploads/P060526.pdf
https://www.bloomberg.com/news/articles/2026-07-29/ares-29-billion-private-credit-fund-sees-uptick-in-non-accruals
https://www.bloomberg.com/news/articles/2026-07-30/blue-owl-reports-fund-raising-slow-down-amid-credit-pullback
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
I’ll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place.
You can find me here: https://bravais.social/profile/edu
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