person
Cindy Ma
In PWD coverage since September 11, 2026 · 1 story
PWD coverage
distressed
Private credit's 0.8% default rate is a size-weighting artifact
Marks below 90 of par in the smallest borrowers have gone roughly twelvefold since 2023 while the payment data on those same credits has barely moved — which is what a workout pipeline looks like before it starts.