Private credit has come under increasing scrutiny in recent months, with headlines pointing to liquidity pressures, fraud cases, and questions around underwriting standards. High-profile situations such as the collapses of First Brands and Tricolor have unsettled markets and raised concerns around systemic risk.

In this episode of the Quick Take, Jacob and Letty are joined by Max Pears, private credit researcher at LCP, to unpack what’s really going on beneath the surface and answer whether the headlines are really justified.