Blackstone’s $83 billion BCred fund just reported its first monthly loss due to actual credit problems. However, it’s never credit losses that kill you; it’s always the forced selling, the liquidations. Financial crises begin with small credit losses and then snowball into something far greater because the issues here aren’t numbers on a spreadsheet and seemingly reasonable expected loss calculations. This all comes down to trust and information.

Eurodollar University's Money & Macro Analysis

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Join us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

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Jon Gray Blackstone President
https://x.com/blackstone/status/2035088934753935648?

Blackstone Private Credit Fund Has First Monthly Loss Since 2022
https://www.bloomberg.com/news/articles/2026-03-20/blackstone-private-credit-fund-has-first-monthly-loss-since-2022

Private Credit Firm Ares Holds Town Hall to Reassure Staff on Market Volatility
https://www.bloomberg.com/news/articles/2026-03-11/ares-holds-townhall-to-reassure-staff-on-market-uncertainties

Ares CEO Says UBS Call on 15% Private Debt Default ‘Absolutely Wrong’
https://www.bloomberg.com/news/articles/2026-03-03/arougheti-says-15-private-debt-default-call-absolutely-wrong

New York Fed Sells Remainder of Maiden Lane LLC Securities; Approximately $2.5 Billion Net Gain Generated for U.S. Public from the Portfolio
https://www.newyorkfed.org/newsevents/news/markets/2018/an180918

Maiden Lane Transactions
https://www.newyorkfed.org/markets/maidenlane.html

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU