All the regional banks in the U.S... it will force people to look at their positions if those underwriting standards have slipped... If pockets of private credit get adjusted that's a very good healthy cleanup. As US regional banks face intense regulatory scrutiny and are forced to repair their balance sheets, they will pull back from commercial lending. This creates a massive funding vacuum that large, well-capitalized alternative asset managers (private credit) will fill, allowing them to capture market share with highly favorable lending terms and wider margins. Mega-cap alternative asset managers will be the primary beneficiaries of the structural decline in regional bank lending capacity. A severe macroeconomic recession causes a spike in defaults within existing private credit portfolios, leading to massive markdowns that outweigh the benefits of new lending opportunities.