Back to today’s briefing

Story perspectives

Marathon CEO Predicts 15% Default Rate in Private Credit

4/10/2026

27 2 Full Breakdown

Summary

Story summary

Bruce Richards, CEO of Marathon Asset Management, warns of turmoil in private credit due to bad software loans.
He predicts direct lending defaults could rise to 15% in the coming years.
The current default rate among US private credit borrowers is 9.2%.
Morgan Stanley estimates direct lending defaults could reach 8%.

1 of 1

Story summary

Bruce Richards, CEO of Marathon Asset Management, warns of turmoil in private credit due to bad software loans.
He predicts direct lending defaults could rise to 15% in the coming years.
The current default rate among US private credit borrowers is 9.2%.
Morgan Stanley estimates direct lending defaults could reach 8%.