If Blackstone is sinking this fast, what does that say about the rest of private credit?

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Private credit is showing the early signs of a real liquidity squeeze.
The marks are too high, the cash is leaving, the borrowers are struggling,
and Blackstone’s chart is telling the truth before the reports do.

Wall Street might be panicking over private credit, but insiders can’t see what all the fuss is about

On Oct. 15, two Wall Street titans offered radically different visions of the private credit market. JPMorgan Chase CEO Jamie Dimon warned investors that recent bankruptcies in private credit could be just the beginning: “When you see one cockroach, there are probably more.” Hours later, BlackRock CEO Larry Fink struck a defiant tone on his firm’s earnings call: “I’ve never been more excited about the future of BlackRock,” he said. BlackRock has bet $12 billion on private credit through its acquisition of HPS Investment Partners.

https://fortune.com/2025/10/20/wall-street-private-credit-but-insiders-fuss/

The recent failures of auto lender Tricolor and auto-parts manufacturer First Brands, which JPMorgan CEO Jamie Dimon dubbed “cockroaches,” had the biggest names on Wall Street pointing fingers last week.

https://www.businessinsider.com/steve-schwarzman-blackstone-private-credit-critics-2025-10