When you flick on the lights in a troubled corner of finance, you never just expose one problem — you expose a colony. The private-credit space is now in that uncomfortable phase where the shadows are shrinking and the movement becomes impossible to ignore. Dimon’s warning, dismissed at first as colorful hyperbole, now feels more like the market’s version of a pest inspector tapping on drywall. Losses at Tricolor and First Brands, fraud probes into private-credit borrowers, and a marquee manager effectively gating an open-ended fund at a 20% haircut — these aren’t isolated incidents. They’re the unmistakable ... (full story)