Private credit funds are writing down their senior loans at an accelerating pace. According to the latest MSCI data, the rate of senior loan writedowns has surged dramatically—tripling since 2022. This shift signals growing strain in the private lending space, where fund managers are increasingly forced to recognize losses on what were supposed to be safer debt positions. The rapid deterioration reflects broader credit market stress, tightening underwriting standards, and rising default risks across corporate borrowers. For investors tracking macro headwinds, this trend matters. When private credit—often seen as a lower-risk corner of fixed income—starts showing cracks, it typically indicates pressure building elsewhere in the financial system. The tripled writedown rate underscores how changing market conditions have reshuffled risk assumptions in alternative lending strategies.