BlackRock (BLK), almost every major shareholder in U.S. stocks, announced: Restrictions on investor redemptions for its $26 billion HPS Corporate Loan Fund (HLEND). If full redemption requests are met, BlackRock would have to initiate large-scale asset sales, leading to a chain reaction of sell-offs. In addition to BlackRock restricting redemptions for its $26 billion fund, Blackstone (BX) faced a record 7.9% redemption request, while OWL, managing $290 billion in alternative assets, saw its stock price drop below its IPO price. PIMCO warned of an imminent "full-scale default cycle" in direct lending. The root of the crisis lies in the structural mismatch between semi-liquid products and long-duration underlying assets. Redemption waves trigger asset sell-offs, valuation markdowns lead to more redemptions, creating a vicious cycle eerily similar to the 2008 subprime mortgage crisis.