Jamie Dimon highlighted the opacity and potential hidden liabilities in private credit portfolios, comparing them to private equity and cautioning that banks and investors cannot easily track underlying exposures. He noted that several funds have capped withdrawals, signaling widespread stress and uncertainty within the sector.

Private credit managers such as Blue Owl and Starwood Lodging’s mortgage REIT reported significant write-downs and suspended redemptions after software loan defaults in late 2025. Meanwhile, Boaz Weinstein’s Saba Capital partner firm has started acquiring select distressed credit positions, viewing them as potential value opportunities in the current market's uncertainty.