#redemption requests

➤ Two Blue Owl private credit funds, Blue Owl Credit Income Corp. (OCIC) and Blue Owl Technology Income Corp. (OTIC), have imposed withdrawal caps for the second consecutive quarter due to significant redemption requests. ➤ Despite the caps, Blue Owl noted a modest decrease in tender requests for OCIC and highlighted that approximately 90% of investors remain in the larger fund, which has seen inflows this year. ➤ The funds, which have generated strong annualized returns, report having substantial liquidity and 'dry powder' to leverage current market conditions for lending opportunities.

➤ Apollo's flagship private credit fund experienced a significant surge in redemption requests (17%) in Q2, totaling $2.4 billion, with the fund meeting less than 30% of these requests. ➤ This trend highlights ongoing investor concerns about falling returns and rising stress in debt markets, particularly for loans to software companies facing AI-related risks. ➤ Despite the high redemption pressure, Apollo maintains that the fund is performing as designed, utilizing gating mechanisms to manage outflows and emphasizing that the majority of investors remain committed.

➤ The private credit market is facing increased pressure due to potential defaults and investor redemption requests, impacting firms like KKR. ➤ KKR, despite concerns, is well-positioned due to its long history, conservative lending practices, diversified portfolio, and small exposure to direct lending within its overall AUM. ➤ The article suggests KKR's stock price decline presents a buying opportunity due to its strong overall business model beyond just private credit.

➤ BlackRock's private-credit fund is facing significant redemption requests, though withdrawals will be capped. ➤ JPMorgan Chase is set to host SpaceX's IPO event, while regulatory news includes the SEC seeking to scrap a best-price rule and a former investment officer pleading guilty to fraud. ➤ Citigroup is rolling out tokenized shares of private companies, signaling a move towards broader adoption of tokenization in traditional finance.

➤ Blackstone Private Credit Fund (BCRED) experienced a significant increase in buyback requests in Q2 2026, reaching nearly 10% of outstanding shares ($4.4 billion). ➤ However, BCRED capped redemptions at the standard 5% quarterly limit, meaning investors could not fully exit their positions in a single quarter. ➤ This situation highlights potential liquidity challenges for investors seeking to exit non-traded private credit funds, even those managed by large institutions like Blackstone.