Why the best time to lend may also be the riskiest. A deep dive into the structural vulnerabilities hidden behind the $1.5 trillion opportunity. Executive Summary For family offices and institutional investors, private credit has been the uncontested growth story of the last decade. The asset class has swelled to over $1.5 trillion, offering attractive yields, floating-rate protection, and the promise of stronger covenants than public markets [1]. As we enter 2026, the bullis