Last year Jamie Dimon said there were some going to be some “cockroaches” found lingering unattended to in lots of private credit portfolios— the implication at the time was not that it was systemic and deep, merely that various incentives and market forces have meant a shakeout of either the incremental as-it-happens variety or slightly larger ones of multiple happening at a time.

Since then I’ve seen small things indicating lots of people quietly checking their books for such.

In the last week or two this has accelerated. A lot. Every few days there are ratchets tightening things up. Dimon just put some hard limits on some private credit lines and what they could take out. A few other banks trying to take other precautions.