ABF was supposed to be the safe part of private credit. Downside protected. Self-liquidating. Diversified.
Turns out "collateral-backed" only works if the collateral is worth something.
So much for the safe stuff. pic.twitter.com/oWQvoIHXIZ
— junkbondinvestor (@junkbondinvest) January 26, 2026
April is about perfect for a crisis to have max midterm impact. Ed, do you notice something that is not happening? In 2008, after each collapse (WAMU, Countrywide, etc) the Fed said everything is fine, we've contained it. Some folks want this to pop now. It's clear.
— Mike B (@MikeBFarseer) January 27, 2026
“Apollo Took 100% Loss on Asset-Backed Loan Deemed Protected”
“Apollo Global Management Inc. took a roughly $170 million hit after an asset-backed financing for Amazon brand aggregator Perch was wiped out, a rare stumble for a strategy touted as one of private credit’s safest… https://t.co/KC10MtXYSN pic.twitter.com/65Sq8OXSql
— kristen shaughnessy (@kshaughnessy2) January 26, 2026
Apollo Global Management Inc. took a loss on a portion of a $170 million asset-backed financing for Amazon brand aggregator Perch that was written off to zero, a rare stumble for a strategy touted as one of private credit’s safest and most promising.
The loss represents a share of an up to $500 million commitment that Apollo and its insurance arm, Athene, made to credit facilities run by Victory Park Capital, a firm now owned by Janus Henderson Group Plc.
Other investors including BlackRock Inc. and Oaktree Capital Management have lost hundreds of millions of dollars in …
MORE:
https://news.bloomberglaw.com/banking-law/apollo-took-100-loss-on-asset-backed-loan-deemed-protected