BDC portfolio stress may be overstated – Moody’s
BDC portfolios may be exhibiting less stress than recent headlines might suggest, as a Moody’s analysis finds that many discounted positions do not represent significant valuation deterioration

Blackstone caps redemptions on BCRED as exit requests increase to 10%
Rather than pulling levers to fulfill all exit requests as it did last quarter, the semi-liquid BDC will cap exits at the original term of 5% of shares outstanding

Ares’ semi-liquid BDC boosts borrowing capacity
Ares Strategic Income Fund, a semi-liquid private credit fund designed for individual investors, increased the amount of liquidity available on hand after an uptick in investor exit requests

Golub shakes up leadership with co-CEOs, co-Presidents appointments
The alternative credit manager will have three co-presidents after promoting Spyro Alexopoulos and hiring two new executives

New SEC enforcement director puts private credit funds under the microscope
The US regulator is monitoring stresses in some portfolios as well as risks related to liquidity, valuations, conflicts of interest, and fees, the new enforcement chief said in a speech

KKR to support FS KKR BDC with USD 300m via investment, tender offers
The listed business development company will focus on reducing leverage, repurchasing stock, and managing existing investments instead of deployment

BlackRock TCP crystallises losses from restructurings, lowers nonaccruals
The listed business development company has been using sales, paydowns, and partial exits to strengthen the balance sheet, CEO Philip Tseng said on the earnings call

BlackRock launches Preqin tools to enhance private credit transparency
BlackRock Aladdin has launched a new suite of private credit solutions on Preqin to address transparency queries around the sector

Mubadala leans into private credit despite negative headlines
Other panellists during the 2026 Milken Institute Global Conference also said they expect the asset class to grow and support companies’ capital expenditure needs

Blackstone’s head of international says negative private credit headlines should wane soon
PODCAST: Dan Leiter, head of international and global head of liquid credit strategies for Blackstone Credit and Insurance, tells Lisa Lee on the latest episode of the Credit Exchange podcast there is also more clarity to come on the disruptive effects of AI, as it becomes more evident where there will be significant disruption and where moats will prove more robust than expected

Blackstone President Jon Gray says firm has navigated outflows comparable to BCRED before
Blackstone saw elevated outflows a few years ago with its semi-liquid real estate product, BREIT, and believes BCRED will prove similarly resilient, President Jon Gray said on the firm’s first-quarter earnings call

Lending to nonbank entities like BDCs will be a growth area—State Street
Additionally, the firm said its investment grade private credit ETF, developed with Apollo, hit USD 800m in assets under management during the quarter

KKR prorates investor exits from semi-liquid ABF fund
The firm will fulfill around 69% of each shareholder’s exit request to keep the total liquidity offering this quarter to 5% of the fund’s net asset value

Perpetual nontraded BDC fears are exaggerated—KBRA
Credit quality and liquidity at these semi-liquid private credit funds remain comfortable despite the negative shift in investor sentiment, the ratings agency said  

BDC outlook turns negative as inflows, yields decline—Moody’s
Perpetual nontraded BDCs experiencing redemption pressure may see market volatility temporarily hurt net asset value, Heron Finance Chief Credit Officer Khang Nguyen told Creditflux

Investors prefer clarity over full exits as semi-liquid private credit funds grapple with exit request surge
ANALYSIS: Whether private credit managers cap exits at the 5% limit or stretch to cover all requests, explaining the decision is key, wealth management firms say

Private credit in the crosshairs: stick to the plan or relax rules?
The private credit industry has faced a test of nerves in recent months as a swarm of investors rushed for the exits only to find their off-ramp blocked. As the pressure builds, credit managers are asking themselves whether they should stick to the advertised redemption rules for their vehicles, or lift the barricade to let skittish investors exit with their money

Exit requests surpass 40% at Blue Owl’s semi-liquid, technology lending fund
The private credit fund designed for individual investors saw quarterly redemption requests surge, leading the fund to impose its 5% exit cap

Oaktree’s semi-liquid private credit fund covers all exit requests totaling 8.5%
The fund, which leaned on parent company Brookfield to cover the surge in redemption requests, also cut dividends

JPMorgan Asset Management mixes public, private credit in new semi-liquid fund
JPMorgan’s asset management arm offers exposure to various credit investments across the public and private markets in a new interval fund for affluent individuals

European direct lending opportunity grows as US faces headwinds—AlbaCore
EXCLUSIVE: Outflows from select US direct lending vehicles could result in European direct lending spreads, particularly on larger deals, widening even further, Luke Gillam, head of senior direct lending, told Creditflux

Opportunities for private credit emerge following software selloff - Canyon Partners
EXCLUSIVE: There are “increasingly interesting opportunities” for private credit managers in the software space following the recent selloff, says Jeff Kivitz, partner and CIO at Canyon Partners 

Exit requests for Apollo, Ares private debt funds top double digits
Both of the semi-liquid, perpetual nontraded BDCs chose to cap share repurchases at the originally offered 5% limit, forcing many investors to wait another quarter for a full exit

Institutions back direct lending as individual investors rush for exits
ANALYSIS: Some institutional investors are even hoping the pullback in retail capital will result in better deployment opportunities

Trinity strikes first-out lending JV targeting US lower middle market
Trinity Capital is partnering with another listed BDC, Capital Southwest Corporation, on the 50-50 joint venture