This has been a tough and unexpected market for many in private lending. When cheap capital dries up, operations that are not sound and are run by inexperienced management are sure to fail. Recently, PeerStreet, a Fintech platform offering private debt for real estate, filed for Chapter 11 Bankruptcy. They claimed to be the "first accessible distressed-debt investment platform," but their portfolio consisted of many other forms of loans. They acted as a broker, sourcing loans and matching them with lenders and investors on their platform, and maintained servicing in-house.