Blue Owl Capital just sold $1.4B of loans at 99.7 cents on the dollar — and permanently halted redemptions in its OBDC II private credit fund.

Not a fire sale.Not a collapse. But the gate is officially closed.

Private credit has exploded from $2T to over $3T in just a few years, with projections pointing toward $5T by 2029. The yields looked attractive. The distributions felt steady. But the liquidity mechanics were always there — in the documents, in the fine print, in the architecture.

This isn’t panic. It’s structure meeting reality.

In this video, we break down:
Why the 99.7¢ sale matters
What redemption caps really mean
The retail vs. institutional liquidity mismatch
Whether this is “cockroach” territory
How to size private credit properly

Truthbomb: The yield wasn’t the reward. It was the price of admission.

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