Private credit is facing its biggest structural test since the market hit $1.7T+. 1️⃣ Blue Owl: Halted quarterly redemptions, moving to a “return of capital” model where investors get paid as loans mature. 2️⃣ CoreWeave Deal: Reports surface that a $4B debt raise for a PA data center stalled as lenders push back on junk-rated credit in the AI space. 3️⃣ Liquidity Move: Blue Owl just sold $1.4B in loans at 99.7% of par to boost cash, attempting to prove asset quality is still high. While some call this a “Lehman” warning for private debt, Blue Owl maintains they are simply managing an orderly exit.(Lark Davis)