The $2 trillion U.S. private credit market is facing a liquidity shock: - On February 19, Blue Owl Capital (OBDC II) halted regular redemptions and opted for asset sales to return capital, involving $1.4 billion in asset sales. - On March 1, Blackstone (BCRED) received $3.7 billion in redemption requests, accounting for 7.9% of NAV, exceeding the single-quarter redemption limit of 5%. - On March 6, BlackRock (HLEND) received $1.2 billion in redemption requests, accounting for 9.3% of NAV, surpassing the 5% limit. QQQ CRCL