# Private Credit & NDFI - News & Sources

Every regulator report, central-bank speech, ratings-agency note and news article cited across the private-credit and NDFI analyses, in one place. Latest first. All links open in a new tab.

Source: https://www.tigzig.com/private-credit-news

## Reports, news & third-party research

- [Blue Owl Funds Received $4.7bn in Q2 Redemption Requests](https://www.privateequitywire.co.uk/blue-owl-funds-received-4-7bn-in-q2-redemption-requests/) - Private Equity Wire · Jul 2026
- [BlackRock TCP Capital CEO Phil Tseng Exits During SDNY Valuation Probe; NAV Cut Twice, -39% YTD](https://finance.yahoo.com/markets/stocks/articles/blackrock-tseng-exit-ceo-troubled-172957094.html) - Bloomberg (via Yahoo Finance) · Jul 2026
- [Private Credit Under the Microscope - Public BDC Index Discount ~17%, Matching the June 2022 Low](https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/private-credit-under-the-microscope-separating-headlines-from-fundamentals) - J.P. Morgan Private Bank · Jun 2026
- [The Credit Market Lens - What BDC Redemptions and NAV Pressures Mean for Investors](https://www.pimco.com/eu/en/insights/the-credit-market-lens-what-bdc-redemptions-and-nav-pressures-mean-for-investors) - PIMCO · Jun 2026
- [Apollo Caps ADS BDC Redemptions at 5% as Withdrawal Requests Hit 16.8%](https://www.cnbc.com/2026/06/23/apollo-private-credit-fund-withdrawals-redemptions.html) - CNBC · Jun 2026
- [BCRED Cuts July Distribution to $0.18 - Second Reduction in Nine Months as NAV Slides](https://altswire.com/bcred-cuts-july-distribution-to-0-18-second-reduction-in-nine-months-as-nav-slides/) - AltsWire · Jun 2026
- [Medallia Handed to a Blackstone-Led Private-Credit Lender Group in Debt-for-Control Deal](https://finance.yahoo.com/markets/stocks/articles/medallia-taken-over-private-credit-182600814.html) - PitchBook (via Yahoo Finance) · Jun 2026
- [ECB Expands Private-Credit Probe to 20+ Banks; Annual Reporting Required](https://www.privateequitywire.co.uk/ecb-broadens-private-credit-scrutiny-as-bank-exposures-comes-under-closer-review/) - Private Equity Wire · Jun 2026
- [First Brands Creditors Allege in a June 3 Court Filing That the Company Operated as a 'Ponzi Scheme'](https://www.crainscleveland.com/manufacturing-logistics/ccl-first-brands-creditors-20260603/) - Crain's Cleveland · Jun 2026
- [First Brands Chapter 11 Restructuring - Primary Court Docket](https://restructuring.ra.kroll.com/firstbrands/) - Kroll (court administrator) · Jun 2026
- [Rising Private Credit Defaults Are Testing Banks and Insurers](https://www.forbes.com/sites/mayrarodriguezvalladares/2026/05/24/rising-private-credit-defaults-are-testing-banks-and-insurers/) - Forbes · May 2026
- [Fitch - US Private Credit Default Rate Hits a Record 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) - Fitch Ratings · May 2026
- [Why a Small UK Lender Has Major US Credit Firms on Edge (MFS Collapse)](https://www.cnbc.com/2026/05/18/mfs-private-credit-insolvency-banks-failure-collapse-barclays-mortgage.html) - CNBC · May 2026
- [The Opaque Private-Lending Deals That Left HSBC With a $400M Hole](https://www.msn.com/en-us/money/other/the-opaque-private-lending-deals-that-left-hsbc-with-a-400-million-hole/ar-AA22wUFP) - Bloomberg · May 2026
- [BlackRock Private Credit Fund Valuations Probed by DOJ](https://www.msn.com/en-us/money/other/blackrock-private-credit-fund-s-valuations-are-probed-by-doj/ar-AA23jM2I) - Bloomberg · May 2026
- [KKR FSK Fund - JPMorgan-Led Group Reins In Credit Line](https://www.cnbc.com/2026/05/11/kkr-private-credit-fund-fsk-jpmorgan-chase-credit.html) - CNBC · May 2026
- [Private Credit Stress Risks Financial Stability](https://www.cnbc.com/2026/05/06/private-credit-stress-risks-financial-stability-markets.html) - CNBC · May 2026
- [Raymond James BDC Weekly (PDF)](https://www.raymondjames.com/-/media/rj/dotcom/files/corporations-and-institutions/investment-banking/industry-insight/bdc_update.pdf) - Raymond James · Apr 2026
- [Moody's Cuts Outlook on US BDCs to Negative; Redemption Pressure and Rising Leverage](https://www.reuters.com/business/finance/moodys-cuts-outlook-us-bdcs-negative-redemption-pressure-rising-leverage-2026-04-07/) - Reuters · Apr 2026
- [Insurance Journal - Private Credit and Insurance Risk](https://www.insurancejournal.com/news/international/2026/04/06/864565.htm) - Insurance Journal · Apr 2026
- [Insurance Risk in Private Credit](https://www.axios.com/2026/04/03/insurance-risk-private-credit) - Axios · Apr 2026
- [Goldman Sachs Exchanges - Cracks in Private Credit](https://www.goldmansachs.com/insights/goldman-sachs-exchanges/cracks-in-private-credit) - Goldman Sachs · Mar 2026
- [Moody's - US Corporate Default Risk in 2026](https://www.moodys.com/web/en/us/insights/credit-risk/private-credit/us-corporate-default-risk-in-2026.html) - Moody's · Mar 2026
- [NAIC AG 55 - Evolving Response to Private Equity in Insurance](https://www.cliffordchance.com/insights/resources/blogs/insurance-insights/2026/03/the-naics-evolving-response-to-private-equity-in-insurance.html) - Clifford Chance · Mar 2026
- [Jeffrey Gundlach: 'Going Nowhere Market', Warns of Private Credit Strains](https://www.cnbc.com/2026/03/23/jeffrey-gundlach-says-its-a-going-nowhere-market-warns-of-private-credit-strains.html) - CNBC · Mar 2026
- [Private Credit Investments: 'Some Caution Is Reasonable'](https://www.cnbc.com/2026/03/22/private-credit.html) - CNBC · Mar 2026
- [Blackstone's Flagship Private Credit Fund Posts First Monthly Loss in Over Three Years](https://www.reuters.com/business/blackstones-flagship-private-credit-fund-posts-first-monthly-loss-over-three-2026-03-20/) - Reuters · Mar 2026
- [Private Credit Shakeout - Morgan Stanley Sees Covid-Scale Losses Coming](https://www.cnbc.com/2026/03/17/private-credit-shakeout-matching-covid-losses-coming-morgan-stanley-says.html) - CNBC · Mar 2026
- [OBDC II Board Unanimously Recommends Rejecting the Cox/Saba Tender - 33.2% Discount to NAV](https://www.prnewswire.com/news-releases/blue-owl-capital-corporation-ii-board-unanimously-recommends-shareholders-reject-unsolicited-minority-offer-from-cox-and-saba-302713766.html) - PR Newswire (Blue Owl / OBDC II) · Mar 2026
- [JPMorgan Reins in Lending to Private Credit, Marks Down Software Loans](https://www.cnbc.com/2026/03/11/jpmorgan-reins-lending-private-credit-marks-down-software-loans.html) - CNBC · Mar 2026
- [Why Wall Street Is Calling Out 'Echoes' of the 2008 Financial Crisis](https://edition.cnn.com/2026/03/06/business/private-credit-blue-owl-2008-nightcap) - CNN Business · Mar 2026
- [After Pouring Billions Into Private Credit, Many Investors Want Out](https://www.cnbc.com/2026/03/05/private-credit-blackstone-blue-owl-kkr-carlyle-retail-wealth-investors-liquid.html) - CNBC · Mar 2026
- [JPMorgan, Barclays, Fifth Third Sued - Tricolor Fraud](https://www.bankingdive.com/news/jpmorgan-barclays-fifth-third-sued-tricolor-fraud/813504/) - Banking Dive · Mar 2026
- [Loans to Non-Depository Financial Institutions - New Granularity and a Rapidly Growing Segment](https://bankingjournal.aba.com/2026/02/loans-to-non-depository-financial-institutions-new-granularity-and-a-rapidly-growing-segment/) - ABA Banking Journal · Feb 2026
- [US Banks NDFI Lending Reaccelerates in Q4 2025](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/2/us-banks-ndfi-lending-pace-reaccelerates-in-q4-2025-98612159) - S&P Global · Feb 2026
- [Fitch Private Credit Default Rate Methodology](https://www.fitchratings.com/research/corporate-finance/us-private-credit-default-rate-methodology-30-01-2026) - Fitch Ratings · Jan 2026
- [Bermuda Monetary Authority - Broader Supervisory Changes Planned for 2026](https://www.royalgazette.com/international-business/business/article/20260129/bma-says-broader-supervisory-changes-planned-for-2026/) - Royal Gazette · Jan 2026
- [Insurance Sector's Private Credit Ties Has Investors Concerned](https://www.pymnts.com/news/investment-tracker/2026/insurance-sectors-private-credit-ties-has-investors-concerned/) - PYMNTS · 2025
- [US Treasury Convenes Regulators Over Insurance Industry Private Credit Binge](https://www.insurancebusinessmag.com/us/news/breaking-news/us-treasury-convenes-regulators-over-insurance-industrys-private-credit-binge-570672.aspx) - Insurance Business · 2025
- [You Bet Your Life Insurance - Private Equity Comes for Your Annuity](https://cepr.net/publications/you-bet-your-life-insurance-private-equity-comes-for-your-annuity/) - CEPR · 2025
- [Ex-Goldman CEO Sounds Alarm on Private Credit: Could the Next Crisis Be Around the Corner?](https://finance.yahoo.com/news/ex-goldman-ceo-sounds-alarm-173043843.html) - Yahoo Finance · 2025
- [Private Credit Fundamentals Remain Resilient](https://www.spglobal.com/ratings/en/regulatory/article/private-credit-fundamentals-remain-resilient-s101685515) - S&P Global Ratings · 2025
- [US Banks' Private Credit Loan Exposure Nears $300 Billion](https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html) - Moody's · 2025
- [Private Credit's Gold Rush Draws Regulators and Bank Warnings](https://www.pymnts.com/loans/2026/bank-filings-highlight-growing-exposure-volatile-private-credit-market/) - PYMNTS · 2025
- [The Loans Banks Aren't Supposed to Hold Anymore](https://www.gspartners.com/insights/market-analysis/the-loans-banks-arent-supposed-to-hold-anymore) - GS Partners · 2025
- [Insurers Are Buying Up Private Credit Debt](https://www.pymnts.com/insurance/2025/insurers-are-buying-up-private-credit-debt/) - PYMNTS / Insurance Business · Nov 2025
- [Jeffrey Gundlach - Bond King on the Next Financial Crisis (Private Credit / Subprime Parallel)](https://fortune.com/2025/11/18/jeffrey-gundlach-bond-king-next-financial-crisis-private-credit-subprime-mortgage/) - Fortune / Bloomberg Odd Lots · Nov 2025
- [First Brands Ch 11 Tarnishes Private Credit With Broad Brush](https://pitchbook.com/news/articles/first-brands-ch-11-tarnishes-private-credit-with-broad-brush-amid-retail-push) - PitchBook · Oct 2025
- [Why Jamie Dimon Is Warning of 'Cockroaches' in the US Economy](https://edition.cnn.com/2025/10/16/business/jamie-dimon-us-economy-cockroaches) - CNN Business · Oct 2025
- [First Brands' Implosion Ripping Through Private Credit](https://www.cnbc.com/2025/10/10/first-brands-implosion-lenders-scramble-to-contain-the-fallout-.html) - CNBC · Oct 2025
- [Private Credit Portfolio Back Leverage](https://www.mayerbrown.com/en/insights/publications/2025/03/private-credit-portfolio-back-leverage) - Mayer Brown · Mar 2025
- [The Evolution of Direct Lending](https://www.morganstanley.com/content/dam/im/assets/publication/thought-leadership/article/article_evolutionofdirectlending.pdf) - Morgan Stanley · 2024

## Regulatory & central banks

- [AMF 2026 Markets & Risk Outlook - Private Assets Warrant Increased Vigilance](https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-publishes-its-2026-markets-and-risk-outlook) - AMF (France) · Jul 2026
- [Federal Reserve Supervision and Regulation Report, June 2026](https://www.federalreserve.gov/publications/supervision-and-regulation-report.htm) - Federal Reserve · Jun 2026
- [Lagarde at Sintra - Oversight of Non-Bank Finance 'Has Not Kept Pace' With Building Stability Challenges](https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260629~cb5a2e2168.en.html) - European Central Bank · Jun 2026
- [Private Markets System-Wide Exploratory Scenario (SWES) - 46 Firms, 5-Year Recession](https://www.bankofengland.co.uk/financial-stability/boe-system-wide-exploratory-scenario-exercise/publication-of-the-stress-scenario-for-the-private-markets-system-wide-exploratory-scenario) - Bank of England · Jun 2026
- [First System-Wide NBFI Stress Test - 25 Institutions (Methodological / Interim Report)](https://www.amf-france.org/en/news-publications/news-releases/banque-de-france-acpr-and-amf-have-published-methodological-report-their-first-system-wide-stress) - Banque de France / ACPR / AMF · Jun 2026
- [ECB FSR - Special Feature on Private Credit (May 2026)](https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202605_04~3f2135af91.en.html) - European Central Bank · May 2026
- [Federal Reserve Financial Stability Report, May 2026](https://www.federalreserve.gov/publications/files/financial-stability-report-20260508.pdf) - Federal Reserve · May 2026
- [OCC Semiannual Risk Perspective, Spring 2026 (PDF)](https://www.occ.treas.gov/publications-and-resources/publications/semiannual-risk-perspective/files/pub-semiannual-risk-perspective-spring-2026.pdf) - OCC · May 2026
- [OCC Semiannual Risk Perspective (index page)](https://www.occ.treas.gov/publications-and-resources/publications/semiannual-risk-perspective/index-semiannual-risk-perspective.html) - OCC · May 2026
- [FSB: Vulnerabilities in Private Credit (50 pages)](https://www.fsb.org/uploads/P060526.pdf) - Financial Stability Board · May 2026
- [ECB Financial Stability Review, May 2026](https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202605~50566915a7.en.html) - European Central Bank · May 2026
- [Treasury Sub-Cabinet Meeting on Insurance / Private Credit](https://home.treasury.gov/news/press-releases/sb0430) - US Treasury · Apr 2026
- [IMF Global Financial Stability Report, April 2026 (Ch 1)](https://www.imf.org/-/media/files/publications/gfsr/2026/april/english/ch1.pdf) - IMF · Apr 2026
- [Bank of England - Sarah Breeden speech (market for lemons)](https://www.bankofengland.co.uk/speech/2026/april/sarah-breeden-at-the-program-on-international-financial-systems-and-harvard-law-school) - Bank of England · Apr 2026
- [FDIC Quarterly Banking Profile, Q4 2025 (PDF)](https://www.fdic.gov/quarterly-banking-profile/quarterly-banking-profile-fourth-quarter-2025.pdf) - FDIC · Feb 2026
- [IMF Global Financial Stability Report, October 2025](https://www.imf.org/en/publications/gfsr/issues/2025/10/14/global-financial-stability-report-october-2025) - IMF · Oct 2025
- [Bank Lending to Private Credit: Size, Characteristics, and Financial Stability Implications (FEDS Note)](https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html) - Federal Reserve · May 2025
- [Boston Fed: Could the Growth of Private Credit Pose a Risk to Financial System Stability? (CPP 25-8)](https://www.bostonfed.org/-/media/Documents/Workingpapers/PDF/2025/CPP-20250521.pdf) - Boston Fed · May 2025
- [Boston Fed CPP 25-8 (overview page)](https://www.bostonfed.org/publications/current-policy-perspectives/2025/could-the-growth-of-private-credit-pose-a-risk-to-financial-system-stability.aspx) - Boston Fed · May 2025
- [IMF Global Financial Stability Report, April 2024 - Chapter 2 (Private Credit)](https://www.imf.org/-/media/files/publications/gfsr/2024/april/english/ch2.pdf) - IMF · Apr 2024
- [IMF Global Financial Stability Report, April 2024 - Chapter 2 (full text)](https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml) - IMF eLibrary · Apr 2024