🚨 Banks in trouble. Private credit in trouble. All at the same time, is not a coincidence.🧵 Early this month, the FDIC released data that shows that as of end of 2025, banks in the U.S. lent approximately over $1.4 trillion to NDFIs. In just 15 years, bank lending to NDFIs has grown 2,320%. The private credit is a major subset of the NDFIs.