2026-03-08 09:51:42

There is no need to panic over BlackRock and Blackstone credit funds restricting redemptions.

Taking HLEND as an example:
1/ The loan recipients are highly diversified, with the top 10 lenders accounting for only about 13%. Currently, none of the leading lenders are at risk of default, and even individual defaults would not affect the overall situation.
2/ Over 99% are senior secured first lien loans, with an average weighted LTV of no more than 50%. Even in the case of defaults, the probability of full repayment remains very high.
3/ The so-called redemption pressure is just a mismatch of maturities; this is how the product is designed, and it will improve over time.

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