For the first time in this cycle, the money going out of major private credit vehicles has surpassed the money coming in. That is the headline, how private credit machine is now facing sustained investor outflows. Stage 2. And here’s the other big part of that – these net outflows are indeed forcing asset sales onto an industry that was never really built for this. That means we’re already deeper into Stage 2 than most people would think.

Eurodollar University's Money & Macro Analysis

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Private Credit BDC Redemptions Exceed Fundraising for First Time
https://www.bloomberg.com/news/articles/2026-05-14/private-credit-bdc-redemptions-exceed-fundraising-for-first-time

Private Credit’s Unthinkable Becomes Reality as Trading Revs Up
https://www.bloomberg.com/news/articles/2026-05-21/private-credit-s-unthinkable-becomes-reality-as-trading-revs-up

Fitch Ratings’ U.S. Private Credit Default Rate Hits a High of 6.0% in April 2026
https://www.fitchratings.com/research/corporate-finance/fitch-ratings-us-private-credit-default-rate-hits-high-of-6-0-in-april-2026-18-05-2026?cs=0&hl=en-US&biw=1600&bih=731

Private Credit Fund Touts Quick Profit Buying Debt at 65 Cents
https://www.bloomberg.com/news/articles/2026-05-05/private-credit-fund-touts-quick-profit-buying-debt-at-65-cents

Goldman Sachs Private Credit Fund’s Share of Bad Loans Rises
https://www.bloomberg.com/news/articles/2026-05-07/goldman-sachs-private-credit-fund-s-share-of-bad-loans-increases

HSBC Drags Feet on $4 Billion Private Credit Investment Effort
https://www.bloomberg.com/news/articles/2026-05-15/hsbc-drags-feet-on-4-billion-private-credit-investment-effort

AMP Trims ‘Frothy’ Private Credit Assets in Investment Pivot
https://www.bloomberg.com/news/articles/2026-05-18/amp-trims-frothy-private-credit-assets-in-investment-pivot

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