Private Credit - Solomon Grey Capital

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Research

The Three-to-One Exit: Why Bank Refinancing, Not Redemptions, Is Repricing Private Credit

Private credit's real stress test is moving from fund gates to borrower exits as cheaper syndicated loans pull the strongest credits back toward banks.

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Research

Blackstone's A$36 Billion Warehouse: Why HSBC's Australian Exit Is a Funding Trade, Not a Housing Bet

Blackstone's A$36 billion HSBC loan-book deal looks like a private-credit victory. The real test is the warehouse funding behind it, just as Australia's mortgage cycle cools.

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Private Credit

The BlackRock Tell: Why the $12 Billion El Paso Deal Marks the Moment AI Shadow Debt Went Mainstream

BlackRock launched a $12 billion bond deal on Monday to finance a Meta data center in El Paso. It is the second $10-billion-plus off-balance-sheet AI infrastructure vehicle to price inside 30 days, after the Blue Owl-Meta Hyperion structure. The market is trading the deals as validation of the

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Private Credit

The Transparency Gap: Europe Is Now Regulating Private Credit Blind, and Washington Is Making Sure It Stays That Way

The European Central Bank estimates euro-zone banks hold EUR 62.5 billion in private credit exposure. Insurers hold EUR 211 billion. Pension funds another EUR 52 billion. Those numbers are the ECB's own inference, because the data that would confirm them sits in the United States, and the US Treasur

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Private Credit

The $12 Billion Quarter: Why Private Credit's Redemption Wave Is About Plumbing, Not Credit

The Q2 outflows are not a verdict on loan quality. They are a verdict on a product structure that was sold as semi-liquid to clients who wanted fully liquid. The trade is in the platform stocks, not the BDC NAVs.

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Research

The Three Bells of June 3: Why Private Credit's Reckoning Has Stopped Being Theoretical

BCRED's first-ever gate, Holly Kim's $500B pipeline and SDNY's valuation probe all landed on the same day. The disagreement is over.

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Research

Three Indices, One Asset Class: Why Private Credit's Default Rate Disagreement Is the Real Stress Signal

Proskauer 2.73%. Fitch 6.0%. KBRA 3.1%. The conversation about private credit defaults is asking the wrong question — and the divergence itself is the most info

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Research

Private Credit's Normalization: Why the Cycle Turn Is About Who Owns the Franchise, Not Whether It Survives

The FSB, Bloomberg and the WSJ wrote the same private credit story in ten days. Rowan and Breeden named the same three risks 24 hours apart.

Public market volatility diverging from steady underlying credit fundamentals

Research

Private Credit's Bifurcation: Liquidity Panic, Not a Credit Crisis

Public BDCs are pricing in 10%+ default rates while realized losses sit at 0.7%. The retail wrapper is breaking, the underlying loan book is not. We see a generational entry point for selective BDC equity and a structural opening for institutional capital.

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Private Credit

Asia Private Credit Expansion: The $1 Trillion Shift

Asia Pacific private credit AUM crossed billion in Q1 2026, up 28% YoY. JPMorgan forecasts doubling to trillion by 2028.