Private Credit and the Coming Reckoning: A Derivatives Desk Perspective
After seventeen years on derivatives desks, the pattern is recognizable. An asset class grows faster than the language used to describe it. The marks lag the reality. The committees defer what they can defer. Then a single event forces the acknowledgment that the marks were wrong. Private credit in 2026 has reached that configuration. The working paper Convergent Faults maps the four fault lines and the five transmission channels that connect them. Working paper (open access): https://doi.org/10.5281/zenodo.20558733 Book — The Coming Shadow Banking Crash : https://www.amazon.com/dp/B0H4HMVSMR Google Books preview (CAID thesis): https://books.google.com/books?id=GGjiEQAAQBAJ Related coverage from Reuters: JPMorgan marked down software private credit loans in March 2026, reducing borrowing bases across the affected platforms.