Dave Collum
I know it is behind a paywall so let me summarize: this article tells me that the “private credit/private equity” Jenga tower is beginning to topple.
The banks and brokerages are exposed as are retirement accounts, endowments, and other thinly veiled hedge funds…

https://www.zerohedge.com/markets/all-hell-breaks-loose-private-credit

Zeberg also
https://henrikzeberg.substack.com/p/the-hidden-fuse-part-ii?

“Private Credit is not the spark. It is where the downturn risks becoming systemic.”