The Ledger

How risk migrated from bank marks to insurance clocks In the early 2000s, the head table in private real estate sat largely inside the...

Private credit is recasting the circuitry of the financial system. In the final part of our Summer Series, we examine how insurance affiliates, NAV lines, and offshore reinsurance transmit stress. The system does not need to break to fail. Sometimes pressure just moves faster than recognition.

"Extend and pretend" is not a post-GFC invention. It is a century-old instinct. In Part II of our Summer Series, we explore how debt deferral, maturity wall fears, and strategic inaction have repeated across cycles, from 1930s bank policy to 1990s Japan to today's CRE market. With historical quotes, visuals, and behavioral insight, we examine why delay often becomes the most rational path, until it no longer is.