Private Credit Stress Escalates

BCRED hits 5% redemption cap with $14.5B backlog. Apollo redemption requests 16.8%. BDC discounts 20-25%. BlackRock enters with $220B HPS acquisition. Bloomberg acquires Canoe at 20x revenue. Ares/Leonard Green M&A talk. Vanguard/T. Rowe Price launch private-asset funds. Real yields surging, credit spreads widening. Blackstone's $36B+ debt package for Anthropic adds to the massive private credit buildout for AI infrastructure, raising systemic risk questions.