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Private Credit Redemptions Just Crossed the Line Of No Return
The most important number in private credit right now is not a default rate. It’s not a dividend yield or the size of the market. It’s **16.8%**. That is how much of Apollo Debt Solutions’ outstanding shares investors asked the firm to buy back in the second quarter. The reason that number is such a big deal is because last quarter, redemption requests were already high at around **11%**.
So this is not fading or stabilizing. The bust is accelerating.
Eurodollar University's Money & Macro Analysis
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